Foreign buyers fall for Victorian Oamaru
Overseas property buyers are becoming a frequent sight in Oamaru, a once sleepy town on the South Island’s east coast.
Alan McLay, a former mayor and an agent with Ray White, said the town’s property market had sprung to life and house prices were now 15 to 20 per cent above rateable value.
‘‘The last six months have been really quite spectacular. It’s like the word got out that Oamaru is the place to be: historic precinct, views, cheap residential.’’
As well as domestic buyers, McLay had dealt with enquiries from Australia, the US and France - and ‘‘quite a bit of Chinese’’. Some were based in New Zealand,
It's like the word got out - Oamaru is the place to be Alan McLay
others were not.
Oamaru was also a surprise entry on Chinese property website Juwai’s list of the 10 most viewed locations in New Zealand.
Auckland, Queenstown, Christchurch and Wellington attracted the most hits, but Kerikeri, Taupo, and Clyde also made the list. Oamaru was fourth.
The town’s allure may well be its Victorian charms but in recent years, Oamaru’s local economy has made big strides, helped along by a major irrigation project.
Commercial property was also selling well, thanks to good returns, McLay said.
‘‘A lot of these overseas buyers aren’t filthy rich, they’re just moderately rich so still looking for an affordable bargain and for some of them, it’s possibly a means to an end coming to live in New Zealand as well.’’
Goodland Group, a New Zealand company set up 20 years ago by a Malaysian migrant, owns the former Oamaru hospital high on the hill.
The old maternity hospital has been turned into a motel, and there are plans for more accommodation and apartments.
Project manager Hari de Alwis, said Oamaru had lots of tourist and other potential.
‘‘It’s a scenic spot,’’ he said.