Queenstown’s real estate boom is extending to some of the resort’s most exclusive subdivisions.
More than $7 million has been splurged on eight lots in the past six weeks at Lake Hayes’ Bendemeer residential farm estate.
Twenty-eight sales, including seven resales, have now been completed in the past four years.
The average sales price has been $885,000.
Five years after Kiwi expat Alistair Jeffery’s Mount Farm Ventures Ltd bought 24 lots off receivers, just three final-stage sections remain unsold.
These sites, which are yet to be released, are expected to range in price from $950,000 to $1.15 million.
Increased sales at Bendemeer have also spurred the building of several multi-million dollar homes.
At this stage, seven homes have been completed, three are under construction and another five are due to get under way later this year.
Many of the dwellings have been designed by renowned architects like Warren & Mahoney, Dravitzki Brown, Ponting Fitzgerald and Mason & Wales.
Jeffery says: “The homes starting to emerge within the development are world-class, yet sympathetic to the natural landscape.”
He attributes heightened activity to the strong regional market, trust in the Bendemeer brand and strong community spirit in the master-planned development.
“Over the past five years, our focus has been on lifting the overall development back into ‘best of breed’ mode.
“This has involved reinstating the owner-controlled management company and putting it on a sound financial footing, and lifting the presentation of the site back to a high level.”
Jeffery adds that each stage has comprised a range of different site types “including elevated, more or less sheltered, remote and more sociable, so there has always been something to appeal to everyone”.