Central Otago has certainly hit the headlines over recent weeks as the good news stories keep flowing. It's been identified as a much-preferred area to live and the real estate activity levels across the region support that claim.
People are spilling out from neighbouring high-profile towns but with our own tourism industry flourishing and our economy strong, buyers from New Zealand and further afield are wanting a slice of Central Otago on its own merits. Areas like Roxburgh, Clyde and Omakau in particular have enjoyed strong growth over the last year.
As of October 2016, it takes 38 median days to sell in Alexandra. This has eased since 2015 but there's no doubt the demand is still there - we've seen a steady increase in property values and we emerged after winter with a notably high median price of dwellings in September of $542,500. There's a serious shortage of listings across the region as the number of available properties trails behind buyer demand.
However, whilst the residential market is enjoying a boom we must also note the slow in the investor market. The new LVR restrictions which require 40 per cent equity are proving to be something of a deterrent.
In Alexandra we're now turning our attention to the release of further parcels of land - they are desperately needed to satisfy the unprecedented demand from first-time and new-build buyers.
We're on the hunt for new listing opportunities and we think home-owners will find 2017 an extremely profitable and successful year to sell. Buyers will face heightened competition but can rest assured that their investments will grow in value as Central Otago continues its atmospheric rise to become one of the South Island's favoured home owning sanctuaries.