Maniototo real estate ‘catch up’
People looking for the ‘‘holiday town of old’’ and a quiet way of life has led to Central Otago’s latest property boom.
The Maniototo is ‘‘just catching up now’’ according to Southern Wide Real Estate sales consultant Sarah Smith, and sales figures back that up.
In the past six months from November 2, 40 properties had been sold in the Maniototo compared with 15 in the same period the year before and just 22 between January 1 and November 1 last year.
Smith said holiday-makers and retirees were driving sales.
’’People are getting priced out of other markets.
‘‘They are selling and buying a similar type property here and having some money in the bank.
‘‘They can still have the Central Otago climate, the Central Otago lifestyle here.’’
Naseby was a particular hotspot for holiday home sales, where people liked the idea of still being able to send their 5-year-old to the shop for an ice-cream without worrying about them, Smith said. That was no longer the case in places like Queenstown or Wanaka.
‘‘Naseby is like the holiday town of old.
‘‘It’s still got the holiday feel [but] people are buying affordable holiday homes.’’
Spending ‘‘around the $180,000 mark’’ could get you a threebedroom home in Ranfurly, Smith said, and most homes were listed at about $200,000 to $250,000.
‘‘It’s affordable housing. This is one of the cheaper places to buy.’’
A lack of employment opportunities was keeping families from moving into the area, Smith said.
Aside from farming, the Maniototo hospital was the town’s largest employer.
But new businesses were popping up in Ranfurly, including an Indian restaurant and a motor repair business, she said.
Smith had also talked to people considering living in Ranfurly and making the one hour, 90 kilometre commute to Alexandra to work.
‘‘There definitely are things happening in the town.’’
In 12 months prior to February, nearby Omakau registered 24 sales in a town with just 260 permanent residents, while Cromwell - about an hour and 15 minutes from Ranfurly - had registered 83 sections sales in the eight months prior to March, Harcourts statistics show.
Southern Wide Real Estate sales consultant Sarah Smith.