A property boom continues at Arrowtown’s Millbrook Resort as the luxury golf course resort tries to keep up with demand.
It’s underway with two showhomes for an eight-home hamlet, The Pioneers, and is about to release another six home-and-land packages in the Mica Ridge neighbourhood.
Millbrook property and development manager Ben O’Malley says they’re in the same boat as other Wakatipu real estate agents – trying to find stock to sell.
“We’ve got to go like the clappers to start building these new developments because we’ve only got two completed houses that we can sell.”
All five houses at Coronet Square had sold and all but one in both the 12-home Taramea Square neighbourhood and four-home Rocky Gully Lane had sold.
The resort was also low on resale listings, O’Malley says.
“In the past three years, Millbrook itself has constructed 18 home-and-land packages and developed 42 new lots over two subdivisions at a total construction cost of approximately $31 million.
“In addition to that, there have been around another 14 private homes built at an approximate cost of $24m.
“The market is showing no signs of letting up with regards to families, holiday home owners or lifestyle investors, all of whom recognise and appreciate Millbrook’s very unique qualities.”
At The Pioneers, one home has already sold off the plans to a Millbrook Country Club member.
O’Malley expects more uptake once the two showhomes, with contrasting classic and contemporary style interiors are completed.
The Pioneers comprises slightly smaller houses than what Millbrook’s developed so far, and at a lower price point – from $1.5m.
Ther are only three bedrooms or two plus a media room, for example.
“It’s just horses for courses,” O’Malley explains.
“It just gives as many options as possible for people’s different needs, but they’ve still got all the same great features of some of the bigger houses.”
The new Mica Ridge release, where another showhome is also underway, will compromise larger executive-style homes from just under $2m to about $6m.
O’Malley says there are about 130 sites left to sell around the Coronet nine golf course and whatever number are developed at the neighbouring 66 hectare Dalgliesh Farm which Millbrook acquired last year.
Meanwhile, the resort’s adding an 82 square metre yoga and pilates studio to its health and fitness centre.