School zoning is becoming a factor in the growth of Queenstown’s Jack’s Point.
Frankton’s Remarkables Primary is restricting its student catchment area to cope with its burgeoning roll.
With new students excluded from the likes of Lake Hayes Estate, Jack’s Point is now the only greenfields subdivision in the school’s new zone.
“We’re getting a lot more interest from families and the school zone is one of the reasons,” Jack’s Point general manager Steve McIsaac says.
McIsaac estimates that Jack’s Point – which has about 100 completed homes – will have 250 schoolchildren living there by the end of 2016.
Fittingly, a new playground will open at its sportsfield this summer.
Jack’s Point is supplying more than 50 per cent of all standard residential lot sales in the Wakatipu, McIsaac says.
“At any one time you’re seeing 23 to 25 houses under construction – last year that was 17.
“The flow of applications for house design approvals is becoming more consistent – before it was in fits and spurts.”
McIsaac says there’s been a change from predominantly out-of-town to local buyers.
Price is undoubtedly a factor – sections are fetching half to a third less than the highs of 2006.
Sections at The Highlands last year sold for as little as $163,000 as Allied Farmers – which took them over from Hanover Finance’s troubled owners – attempted to pay down debt.
On Allied’s behalf, the Queenstown Bayleys agency last week listed six sections for “offers over $179,000”.
However McIsaac expects most of Allied’s remaining 60 sections will go for more than $200,000.
Jack’s Point sections with good views, he says, are selling for between $235,000 and $245,000 while those on more level sections average $210,000 to $222,000.
McIsaac anticipates Jack’s Point’s 660 titled lots will sell out by early 2015.