Aucklanders have snapped a number of the sections so far sold in a unique River Terrace lifestyle estate being developed near Queenstown.
A real estate agent involved in the listings says the sales come as the Central Otago housing market is experiencing "unprecedented" growth with interest coming from people in other parts of the country, especially Auckland.
"Around 45 per cent of all inquiries for River Terrace have been from Auckland," says Megan Osborne who is one of four Harcourts Otago agents involved in the campaign.
She believes months of being restricted in Covid lockdowns may be a factor. "I believe they see a future when they can come down here, work from home and not feel caged."
Seventeen large-scale sections - ranging between 1.32 and 3.92ha - make up the boutique River Terrace development located near Cromwell and about halfway between Queenstown and Wanaka. A number were sold in earlier releases to Auckland buyers, two of which were bought sight unseen with the help of Harcourts digital initiatives and virtual viewing.
Osborne says the housing market in Central Otago is experiencing unprecedented demand. "I've been in the industry here for 17 years and it is the most growth I've ever witnessed."
She says the region has had one of the biggest increases in asking prices anywhere in the country, a trend confirmed by the property site real estate.co.nz in data released this month showing a home in Central Otago is up 21.9 per cent on the previous year.
Osborne says housing stock is at the lowest level she's seen in 14 years (real estate.co.nz figures show this has dropped 27 per cent in Central Otago in the year to November) and is a factor in driving prices up.
While many inquiries for River Terrace have been received from Auckland Osborne says there has also been significant interest from people in Hamilton, Tauranga and Wellington as well as high demand from locals.
She says land the size of the River Terrace sections is rarely, if ever, available in Central Otago. "The larger lots appeal to people looking for a quieter life without having the close presence of neighbours, those wanting to be semi self-sufficient or simply those looking for a bit of land for the kids to ride their ponies on."
Of the 17 sections, two are being offered by the developers Winton and come with a designer 333sqm house which Winton's Queenstown general manager Lauren Christie says come with well executed and beautiful specifications, a double car garage, 5-bay shed and extensive landscaping.
She says construction has started on the two premium home offerings and is expected to be completed around July 2022.
"The houses will feature four bedrooms, an office and a second lounge or media room," Christie says. "They will be high-quality builds with highly insulated glazing, rendered brick and cedar on the outside, timber flooring, a large kitchen with features such as a double oven and extensive landscaping on the grounds.
"Winton are renown for delivering quality builds on time - with build warranties - and continue to satisfy many happy customers," she says.
The remaining land options in the final release range from 1.42ha blocks at $950,000 to the prime 3.92ha elevated lot with an asking price of $1.425 million.
Christie says one of the attractions of River Terrace is its proximity to Central Otago natural playgrounds. The region is rich in things to do from fun on the snow to world-class riding trails, river adventures, golf, restaurants and wineries.
Nestled above the Kawarau River it is 3km from Cromwell, a 35-minute drive from Wanaka and 45-minutes from Queenstown Airport. "Positioned as it is half way between Wanaka and Queenstown means travelling further afield for recreation or business is always convenient," she says.
As well as Osborne the other Harcourts agents working on River Terrace are Jaiden Direen, Jake Lucas and Steve Cairns. For more information watch https://youtu.be/68VAt12zcbU or go to the RiverTerrace website.