Queenstown’s subdivision kings effectively raked in $1 million a minute in the latest mad scramble.
Forty Shotover Country sections worth more than $10 million in total were snapped up in just 10 minutes, after being released online on Tuesday of last week.
Those sections weren’t even on general release, developer Sharyn Stalker says.
The buyers were restricted to those who’d missed out on the previous stage.
Stalker says after the dash to put sections on hold she signed 32 contracts in just over 48 hours. Within a week, all but one of the contracts are signed.
“There’s lots of happy people and they’re all genuine buyers and builders - that’s the most important thing to me.
“I qualify them really hard because I don’t mind people building to sell or investing in a rental property, but there are no land investors.”
Stalker, who’s created the massive subdivision with husband Grant, reckons about 15 of the buyers in Stage 12 are building rental properties.
“It satisfies that part of the market.
“The school has created demand and there are people who want to live here but can’t afford to build.”
Stalker lobbied the Ministry of Education for five years to land the 800-pupil school in the subdivision. She’s still overwhelmed by Shotover Country’s popularity.
Many of the other buyers are young families who are building their own home.
“Lots of them have young kiddies, which is great because we want to build a community.”
All buyers will likely be able to build within about a year.
The sell-off has covered about 80 per cent of people who missed out on Stage 11.
Stage 12 sections ranged in size from 516 square metres to 1310sq m and in price from $230,000 to $330,000.
Stage 13 follows next year - Stalker doesn’t know how many sections will be available.
“We haven’t got the outline development plan for that, won’t be until April or May probably. It will be open to everyone on our database.”
Plans for a 95-section special housing area at Shotover Country have been approved by council and will be forwarded to the housing minister.
When finished, the subdivision will have between 700 and 900 homes.
Stalker thanks the public for their patience while the new state highway roundabout is being built.