Flight to quality


Millbrook trumpets $20m property sales for year

Millbrook Resort property bosses claim this year’s sales figures prove quality wins through in tough times.

Since January, the high-end golf resort near Arrowtown has sold real estate worth $20,045,500.

Of that, $4,914,000 comprises two house-and-land packages at Coronet Square, part of the $500 million Millbrook West expan­sion.

The balance is in resales of homes in the original resort and two million-dollar-plus resales from Millbrook West’s first stage.

The Millbrook West resales are claimed to have exceeded original selling prices.

It’s all good because it bucks the trend regionally and nationally, says Millbrook property and development mana­­­­ger Ben O’Malley.

With settlements due next month from buyers who last year signed for an average $1.25m each on Millbrook’s first 25 home sites, “it gives a nice warm feeling in the stomach”.

Sales manager Austin Bragg: “Now we’ve got the stonework in place [and] the [building] plat­forms and [new nine-hole] golf course wrapping around the residential, it’s very easy to see the value.”

Bragg says one overseas buyer even bought two adjacent sections as resales to upsize his building platform.
“He wanted elevation and that unobstructed western outlook to Coronet Peak down the third fairway.

“Those two on-sales are indicative of how the market feels about Millbrook.

“When the times do get tough, and we’re not totally immune to it, we do think quality wins through.”

Bragg admits sales volumes are down but contrary to other, newer developments, he maintains there’s been no price-dropping.

“It’s all about the 15 hard years that Millbrook’s taken to get where it’s at now.

“It’s had its challenges but it’s the maturity of the place now … and I think the local people gravitating towards the eastern part of the basin is really helping as well.”

Bragg says the resort’s proximity to Arrowtown is far more of an asset than it used to be.

He also thinks the lower dollar is again attracting overseas buyers who’ve been conspicuous by their absence.

“I think the lifestyle and the certainty of that semi-gated com­munity feel out here is attracting some serious money from around the world.”

While 11 Coronet Square house/land packages are still on the market at about $2.4m-$2.5m a pop – with two spec houses under construction – Millbrook West is also marketing the first four of 10 Mill Green homesites from $795,000.

An original Millbrook West buyer is Queenstowner Steve McLean, who co-owns Rilean Construction.

He’s hoping to start building soon – “it’s a good time to be pricing and doing jobs at the moment” – but he wants to sell his Aspen Grove home first.

McLean bought off the plans but is impressed with how Millbrook West, which has just opened its first four Coronet Nine golf holes, is developing.

“It seems funny, given at our stage of life we’re losing kids off the other end of the equation, that we’re building a bigger house.

“But I can see some benefit in 10 years’ time when I will want a quieter business life – I can enjoy what Millbrook has to offer and enjoy the ability to travel overseas and use the house as a bit of income or [as a] house swap.”