Latest news with #FiveMileVillas
RNZ News
6 days ago
- RNZ News
Break-in causes $750,000 worth of water damage to new builds in Queenstown
The burglary happened on O'Meara Street in Frankton. Photo: RNZ/Katie Todd Several new homes at a Queenstown development suffered water damage during a break-in that caused $750,000 dollars worth of damage . Police are appealing for information about the burglary on O'Meara Street in Frankton, which they believed happened between 8am on Friday night and 8am on Saturday morning. RNZ understands the affected properties are new builds at the Five Mile Villas which have not been handed over to their new owners. Commercial dehumidifiers were visible in the windows of at least eight homes on Thursday morning. Commercial dehumidifiers were visible in the windows of at least eight homes. Photo: RNZ/Katie Todd Police described the break-in as "burglary and wilful damage" but would not confirm any further details. Detective Senior Sergeant Regan Boucher said the damage was significant and police wanted to hear from anyone in the area who had CCTV or dashcam footage. "Initial indications suggest there has been in excess of $750,000 worth of damage during the incident," Boucher said. "Police are making inquiries to identify and locate those responsible." Police described the break-in as "burglary and wilful damage" but would not confirm any further details. Photo: RNZ/Katie Todd Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Otago Daily Times
18-07-2025
- Business
- Otago Daily Times
Listings aplenty but values up
In the 'bubble' that is the Queenstown property market, with our population ever rising, residential values continue increasing despite it still being a buyers' market. That's a conclusion from the Queenstown section of Colliers Otago's latest property market review and outlook that's out today. For the second year running, the theme remains one of 'cautious optimism' despite global economic uncertainty causing many buyers to take a wait-and-see approach. "Buyers are aware that they have the negotiating advantage and are taking longer to commit, assessing the multitude of options, and displaying high price sensitivity," the report states. "Despite this, the Queenstown residential market maintains a gentle upward momentum with a gradual, more stable period of value growth occurring." As an example, the mean or average dwelling price has risen year by year from $1,744,962 in 2022 to $2,035,163 this year. Despite buyer hesitancy, sales activity is also up — in 2022 there were 486 section and dwelling sales, in '23, 490, and last year, 588. But already this year there've been 414 sales in the first six months, including 40 of $3million-plus, of which nine have been over $5m. As interest rates have lowered, first-home buyers, the report says, have been active in the sub-$1.5m market, and investors have also got involved as leaving money in the bank has become less attractive. "Entry-level suburbs like Fernhill, Sunshine Bay, Hanley's Farm, Shotover Country and Frankton continued to see good demand for listings." It also notes there've been plenty of sub-$1m off-plan listings in townhouse developments. On the other hand, the report notes a sharp increase in section prices due to a shortage of titled, flat, entry-level land. In February, the final Hanley's Farm sections sold with per square metre prices from $1000 for larger sites to $1400 for smaller sites. In the same month, the first sections in neighbouring Park Ridge were priced from $1394 to $1566 per sqm for a 371sqm site. Ironically, Jack's Point's offering better value with larger sites selling for between $1000 and $1300 per sqm, albeit at a much higher quantum level. Mean section prices have risen from $877,867 in '24 to $1,061,925 this year. Due to land demand, larger sites with older dwelling are being subdivided in areas like Arrowtown, Lake Hayes Estate and central Queenstown. Colliers notes of course there are also several big subdivisions under consideration under the Fast-track Approvals Act. "If these proceed, a renewed influx of level sites should come online in the next 18-24 months ... "However, difficulties with infrastructure development may delay some of these projects." Local Colliers valuation director Heather Beard says there's also an influx of rentals coming onstream from both the many home and income properties at Hanley's Farm and the completion of Frankton's Five Mile Villas. The report refers to "some softening" in the rental market since late last year — "the median vacancy period has extended to 21 days and demand is subdued". "The anticipated slowdown in residential construction, driven by infrastructure constraints, is likely to help alleviate the current oversupply in the rental market." Can Arrowtown keep chains at bay? With more international retail chains opening in Queenstown's CBD, the Colliers report says the ripple effect's reaching Arrowtown's commercial core. Rents there have risen in the past 12 months "and further increases are expected in the short term". "The question now is whether Arrowtown's commercial centre can retain its unique character and charm, or whether generic commercial expansion and retail chains will overtake locally owned businesses?"
Otago Daily Times
16-05-2025
- Business
- Otago Daily Times
Frankton units meet pent-up demand
An unparalleled number of planned housing complexes in and around Queenstown's Frankton Flats is meeting a range of market demand, including even sub-$700,000 units. About to get under way is Safari Group's first local post-Covid development, Mountain Oak. It's a 141-unit residential complex in Remarkables Park that has a starting price of $639,000 — "the lowest entry point in the market", Bayleys projects GM Gavin Lloyd says. Gibbons Co has also launched The Crest Chalets above Country Lane, featuring 86 one-bedroom chalets from $669,000 and 14 one-bedroom cabins from $689,000. The developer's also finishing off the 226-unit two-bedroom Five Mile Villas, priced from $869,000. About 250 people turned out for its first showhome opening early this month. Local Bayleys managing director David Gubb says that sends a clear signal. "Queenstown's market is hungry for quality, attainable housing, and Five Mile Villas is meeting that demand head-on." The showhome was "a litmus test for pent-up demand in a market constrained by land supply, planning challenges and construction costs". "What's encouraging is this isn't speculative demand, it's grounded in need. First-home buyers, key workers and investors are responding to fundamentals — location, design efficiency and long-term rental viability — not hype." A third Gibbons Co complex, the premium Lakehouse Villas, off Frankton Rd, comprises 63 architecturally designed, freehold homes overlooking Frankton Arm. Ninety percent sold within six months of release. "Flexibility to use these homes for personal and visitor accommodation is a game-changer," Suzie Wingglesworth, Bayleys' national director projects says. She notes Redwood Group also has year-round visitor accommodation consent for the 180 residences in its three-stage Kawarau Villas project near Remarkables Park Town Centre. Bayleys' local CEO Stacy Coburn notes council has also helped by rezoning land resulting from its spatial plan. An example, he says, is the 27-hectare Frankton North area, opposite Five Mile, where Latitude 45's developing Waipuna Rise — a boutique collection of apartments and terrace homes with self-contained studios. Development's also about to start on a huge worker housing complex on the corner of the state highway and Hansen Rd — initially on top of a car storage building. Coburn says Frankton lends itself to medium-density apartments. "And when you see a growth rate annually between 8% and 9% for Queenstown, we've got to allow for this growing population — as long as the infrastructure tries to align." He also notes the investor market's back, spurred in part by the return of tax deductability. Short A-frame timeframe The developer of The Crest Chalets — 100 proposed one-bedroom residential units above Queenstown's Country Lane precinct — hopes to start work on-site in October with a completion date 12 months later. Mountain Scene revealed this month Kurt Gibbons' Gibbons Co has applied for resource consent for 86 A-frame chalets, and 14 elevated single-level cabins off Hansen Rd, having bought the 3.1396ha block last October. He's also applied for six business units on just over 11,000sqm of flat land at the bottom of the site. Gibbon says his aim is to provide freehold product below $1million "and that doesn't have body corporate fees and anything else associated with it". "The theme of this stunning project is the mountains, and each property comes with the most spectacular view," local Bayleys salesperson Sarena Glass says. "The high-end design is similar to what you would find in the European alps, there's nothing else quite like this in Queenstown." The architect's Designgroup Stapleton Elliott in partnership with Gibbons Co.
