Wanaka Real Estate Sales Blog

With property prices falling across New Zealand, should I buy my retirement home in Wanaka now?

The answer is quite clear, if you see the home you want then buy it now. At any particular time in Wanaka there are not a lot of houses to choose from given most people restrict their choice with:  price;  location;  design. Currently there is an excellent selection across all areas with some keen vendors dropping their prices.

The real estate institute statistics for the last three months exceptional Wanaka statistics recorded two houses dropping by 11% of the asking price, one apartment dropping 19.5% of the asking price and a section was recorded as dropping an incredible 25% of the asking price. One has to question whether the original marketed price was fair or whether there were other factors involved.

Currently there is a lot of turmoil in the financial markets and real estate provides that tangible security we all crave. With the Reserve Bank Official Cash Rate (OCR) reduced to 7.5% and economists predicting further reductions, loans will become more affordable. An excellent scheme for proportional ownership from the Queenstown Lakes District Housing Trust is  in operation so housing in the Wanaka area to allow first home owners access into the market.

Submitted by Phil & Barbara Wilson for Wanaka Real Estate Sales Blog

The following auctions are coming up Labour weekend, 25th &  27th October 2008 if not sold prior by any other method.

Modern 3 bedroom, 2 bathroom, double garage home in Luggate built in the latest style. Mountain views. RV $390,000
Click to view audio slide show.
Contact Phil about this property (quote aliceburn auction)

1017 square metre subdividable sunny site with 3 bedroom bach. Established area handy to schools and Lake Wanaka. Rateable Value $330,000. Auction Saturday 25 October prior offers considered Click here for further information

Elevated home situated high on the hill to capture the sun. Built on 3 levels with several living spaces, plus 4 bedrooms, 3 bathrooms, office and a conservatory. Click here for further information

Large 4 bedroom, 2 bathroom as new home. Designer kitchen, walk in pantry, oversized oven, living with outdoor flow, drive through garage, mountain views. Click here for further information

15 year old home ajoining golf course with 4 car garaging and heaps of storage. Bonny gardens, lake and mountain views. Click here for further information

Why come to an auction?

• The vendors are going to be reasonable. They want out of the property.
• There may be many people interested in the property but if you are in a position to pay cash and bid on the day you are in a strong position.

But remember, if you do not want to get into a bidding situation then offer prior to auction.  Most vendors are negotiable. It may be a better choice for you. If you have conditions you require on a contract (such as finance) this will be your best way of securing the property. Good Luck. Phil or Barbara would be delighted to get your call.

Published for Wanaka Real Estate Blog by Phil & Barbara Wilson

Financing a home in the Wanaka area has always been a problem. Real estate prices are high and rental accommodation is in short supply. Now people can take out a shared ownership with the Queenstown Lakes Community Housing Trust.Basically there is criteria that you have to fall within.

• First house (at least in this area)
• Total income from you and your partner under $89,320 pa
• Living in area 6 months
• One member of household must be in permanent employment in area
• One member of household must be NZ citizen
• House must be for a primary residence (not holiday)

The house has to be reasonable and not requiring major repairs. (insulation is important to them)

The housing trust  will take a share in 5% increments  from 15% to 40% and at any time you can buy back a share in the same increment.

The primary owner pays all ongoing costs, when / if they sell the trust takes their portion of ownership from the sale price.

Vendor must have 5% deposit.

Basically you get approval from the Housing Trust then find your house, or visa versa. Great scheme! So search our listings at  Wanaka and surrounds homes.We would be delighted to help you find a home and through this finance process. It makes living in this area achievable.

Inserted by Phil and Barbara Wilson for Wanaka Real Estate Sales

This boutique lodge, just a short 5 minutes drive from Wanaka is up for sale. If you ever dreamt of owning a luxury property in the midst of the southern alps of New Zealand then take this opportunity. With 6 ensuited bedrooms, a commercial kitchen and large living areas, this prime real estate would be suitable as a lodge, functions, events or weddings.With three ski fields on your doorstep and several others close by, the area has become one of the foremost international areas for snow sports in the southern atmosphere. During the long, hot, dry summer: water sports, mountaineering and other adventure activities take priority. The nature beauty of Lake Wanaka, the towering mountains, and the peaceful nature of the place inspires many from the art community to settle in the area. The scenery is some of the best in the world straight out of Lord of the Rings.If you have plenty of dollars and you need privacy from the public eye, this may be the home for you, your family and friends. This remarkable home is set on 17 hectares of farmland and vineyards with just the cattle and the cats for company.The lodge is currently serving the tourist industry in a niche market of hunting. Helicopters transport residents to hunting destinations from the pad on the property. You can party into the small hours in the luxurious living areas upstairs and down and no neighbours to bother you. The atrium has been built with acoustics suitable for musical soirées. The kitchen includes many commercial resources thus able to service whatever your needs may be.

Wanaka has been named in the top 10 by Life Books as a dream destination in 100 of the world’s best vacations. It is a peaceful place and drop dead beautiful. There has been a marked increase in the number of weddings in Wanaka in recent years.

Wanaka  is topped by India’s wild flower Hall and the Camargue in France. The book says of Wanaka: “More than 300 metres above sea level, in the centre of New Zealand’s gorgeous South Island, lies this 43 kilometre long lake. The lakeside town is a charming place to stay, with sheep farms dotting the surrounding countryside.”

It is a very peaceful place, not crowded and very beautiful. Homes are built in keeping with the landscape colours and materials. Wanaka inspires people and there is a large art community. The mountains and the lake are very restful and Wanaka has not become as busy a destination as Queenstown. Among some of the choice spots couples choose to be married include: up on the mountain; on skis in the snow; or out on the lake at sunrise. Wanaka certainly creates a romantic atmosphere.

Wanaka’s resident population is 7000. A romantic meal might be a nice piece of venison and a local pinot noir. Perhaps our most famous architecture is Puzzling World, considered as Wanaka’s answer to the Leaning Tower of Pisa.

If you would like to purchase real estate in Wanaka please browse our listings here. We specialise in helping overseas clients purchase in Wanaka. We are able to give you advice on overseas consent and offer free accommodation to real estate purchasers at our bed an breakfast Montrose.

Inserted by Phil & Barb Wilson for Wanaka Real Estate Sales Blog.

While up north the rising mortgage rates and interest rates are affecting the housing market, Wanaka banks and business remain confident. Leigh Stock, president of the Wanaka Chamber of Commerce, commented in the Wanaka Sun community newspaper on 17^th April 2008, that we are insulated here with our socio-economic mix. There is still plenty of building going on, mostly its young people in the area who are affected by the interest rates.

Local real estate people agree. According to Real Estate Institute of New Zealand (REINZ), nationally the residential property market has dropped to unprecedented levels but here in Wanaka house and section sales and median prices have continued to grow.

30 properties were sold in March 2008 compared to 28 properties in the same month last year. The median house sale price has risen from $522,000 to $595,000 over the same period. The median for sections rose from $400,000 to $415,000. Ross Rainsford, president of the Central Otago branch of REINZ says the market continues as if nothing has happened. Building is still continuing at a hectic pace and provides agents with the stock to sell.

Local National Bank Business Manager Ian McGregor stated they were still fairly busy and commented on the insulation of the niche market. This unique part of the world is where people want to be so they definitely still want to borrow.

Précis from Article on Pages 1 & 3 of the Wanaka Sun Community Newspaper by Caroline Harker

Published for Wanaka Real Estate Sales Blog by Phil & Barbara Wilson

Visitors may come to Wanaka for a variety of reasons, but all leave touched by its divine beauty. It is not difficult to feel both calm and inspired at the same moment in such an awesome setting. Wanaka today is a perfect place for inward reflections and quiet contemplation.

The sky blue waters of Lake Wanaka are edged by green and golden hues. Wanaka is protected by towering mountains and blessed with a continental climate. Wanaka’s visual highlights are coloured by contrasting seasons. The region is characterised by glistening white peaks in winter, a kaleidoscope of wild flowers in spring, summer’s scorched brown high country and rows of luminous golden poplars in autumn.

Celebrate natures greatest treasures: mountains, valleys, lakes, trees and rivers and experience the landscape through all the seasons. Make your home a pavilion to the panorama. Like the Romans who believed that the landscape should be observed rather than entered, the house should define a viewing platform outside and a picture window inside through which its occupants can command the view. Glazed walls of the house should slide back to allow the inside and outside to merge across the outdoor terrace.

These fabulous homes are currently for sale so enjoy.


For more photos and information on Peak Ridge click here.

For more photos and information on Sky Lodge click here.

Build your dream home on a Peninsula Bay section click here.

Published for Wanaka Real Estate Blog by Phil and Barbara Wilson

Selling real estate is my game, and there is no better place to do it than in this paradise, Lake Wanaka. One day I was up in this new subdivision of Peninsula Bay with some clients, I saw the potential of these sections and I thought to myself, I would be crazy not to buy, I’m going to sell all these and I’ll miss out. I didn’t miss out, I bought a section. Lot 150 to be exact.

You can too. For around $390,000 NZ$ you can secure yourself about 1000 square metres of prime land with one of the most stunning views in the world. Sections larger than this are available at twice the size and twice the price. Or buy two and secure yourself a nest egg that is already titled plus that extra space in the meantime. Not only will you secure yourself a great section but you will be securing yourself an amazing lifestyle in a fabulous climate.

This is a sound investment. Looking at figures over the last four years, sections in Far Horizon have doubled and some lakeside sections have quadrupled in price in the last four years without anything being built. Last year the average property price in the Queenstown Lakes District Council area increased by 6.7% and this percentage is heavily weighted by the land sales in Wanaka. Growth is huge, just look around and see the new properties springing up everywhere. I am busy all year around selling and my wife has had to give up her job with an outside employer to work with me.

One of the things purchasers are looking for in Wanaka are views and the sun, especially winter sun. These Peninsula Bay sections are too good to miss. Position your house with a north west aspect to catch all day sun and optimum views you can delight in watching the changing seasons from your own patch of land up in Peninsula Bay.

If you come to Wanaka without accommodation and you want to purchase real estate then we will accommodate you in our Bed and Breakfast, Montrose, free of charge. If you take a gamble and wait until 2009 to buy your Peninsula Bay section, (this I do not advise) you will be able to stay up at our Peninsula Bay home (Bed and Breakfast), which will be built by then, while we search out your piece of paradise. How good is that!

If you are at all interested in buying here in Wanaka and you are prepared to wait for a house to be built, either buy an investment property to live in for the meantime, or rent while you get your dreams to start happening. We both are available 24/7 so if you ring or email us we can help you in any way at all.

 For all you need to know about Peninsula Bay sections click here.

Published by Phil and Barbara Wilson for Wanaka Real Estate Sales Blog

This is the most common question I get asked. You may hear about the high rental cost of Wanaka holiday homes and permanent rental accommodation and you want to know what is the current rental and what return can you get on your purchase besides capital gain.

Our accommodation rentals at Professionals Wanaka Wide Realty MREINZ tells us these facts. A good 3 bedroom Wanaka home is currently renting out at $350 to $380 a week. To get the higher price tenants are looking for a log burner as opposed to gas or electricity, a double garage, double glazing and two bathrooms. Four bedroom homes are renting at $400 to $420 a week. Homes at Hawea and Albert Town are also popular but usually rent out at about $10 less a week. Currently our top permanent rental, a lovely furnished Wanaka home with all the trimmings, is rented out at $475 per week and the tenants vacate the home for the landlords annual holiday.

There is a huge demand for permanent rental accommodation. The largest demand at the moment, is for unfurnished homes. Rent for these reaches the same rent as fully furnished homes. Some landlords include a clause to allow them occupancy for a few weeks a year, all things are possible as dictated by supply and demand. Shortage of permanent rentals is greater during the winter months.

A word on cribs. At Hawea an older two bedroom crib may reach as much as $170 a week and a three bedroom crib $200 to $225 a week.

Permanent residential rental is not subject to GST so the original purchase cannot be claimed.

Short Term Wanaka Rentals

So you decide to buy a house but want to use it yourself several times a year. You decide to rent it out as a holiday home from time to time. This works well, however in the off peak periods there is a glut of short term holiday accommodation on the market so it is likely that although the rates for short term accommodation are higher than permanent rental accommodation (about 5 times higher) you may find it difficult to rent. Because the prime purpose of the purchase of the property was for your own use, you would also not be able to make a GST claim.

Should you decide to buy a property such as an apartment which is managed on a daily or weekly basis and offer it for short term rental all year round then you are eligible to register for GST and claim the original purchase. Often these properties are already advertised at the GST exclusive amount plus GST.

Search my site for Current Rental Opportunities

Article by Phil Wilson Marketing Consultant for Wanaka Real Estate Sales Blog

Riverside Park is a new development situated just a few minutes drive from Lake Wanaka.

The subdivision is an excellent option for first home buyers and holiday home owners and offers not only great value sections but community facilities such as a swimming pool, hot pool, and a gym. The streets are wide and well-lit with large maturing trees planted on each side.

All sections come serviced with water, power, sewerage, phone line and reticulated gas.

There are just a few sections left in stage one and with sections priced from just $195,000, this is a rare opportunity to own a section close to Lake Wanaka for under $200,000.

For further information visit our Wanaka Land & Sections page.

Article by Wanaka Real Estate Sales Blog