The last lots at Queenstown’s Lake Hayes Estate are going for a comparative song.
The final 15 sections in the 565-home subdivision above the Kawarau River below Ladies Mile are being released for sale this week – from $175,000.
They’re the first Wakatipu home sites at under $200,000 since 2005 when an earlier stage of LHE came to market, Locations Realty’s Jeff Toner says.
From 2002 when the subdivision was first marketed, LHE developer Mike Coburn has launched each stage with sharp prices, Toner adds.
“He likes to release them below-market to attract instant interest so they sell quickly – that’s been his philospohy from the start.”
At $175,000 for the dirt, Toner claims section buyers can get into their own home for under $500,000 all up.
“We’ve checked with a couple of local building firms and they can put a house up on these sites to achieve a total cost of under half a million.”
With two sections at the lead-in $175,000, there are another five at $180,000, five more at up to $200,000 – and the highest price is $210,000.
Sites range from 750-780 square metres.
By comparison, sites at Jack’s Point start at about $220,000, Mountain Scene understands.
And is this really it for LHE – or has developer Coburn still got more sections up his sleeve?
“There may possibly be one or two more sites come to market eventually but this is the final stage as such,” Toner says.