Families fuel Otatara price boom

Business is booming for house and land packages in Otatara as properties in the suburb once again top the table for average dwelling values in Invercargill.

Property developer Myles Green says that the continuing rises in value have lead more people to buy new build properties.

‘‘In terms of values lifting we are seeing people coming back into the house and land package deals’’

Quotable Value figures released on Friday show Otatara dwelling values lifting 17.5 per cent to $402,000 and land lifting 15.1 per cent to $126,200, the highest values seen in the Invercargill City Council’s area.

There had been a noticeable increase in young families moving into the area, with schooling, outdoor pursuits and amenities such as cafes and restaurants all driving demand.

‘‘A big driver is the school. It’s a terrific school, burgeoning if anything,’’ Green said.

‘‘There is the great outdoors with mountainbiking and bushwalks, its on the doorstep of Sandy Point reserve, along with Oreti Beach and Oreti River.’’

There was also interest from other groups of buyers, with retirees and out of town buyers also interested in what the area had to offer.

‘‘The interest is there and seems to be building.’’

The majority of buyers were looking to move for the long-term, particularly those putting their children into the school.

With buyers looking for long term stability, the size and rural nature of many Otatara properties was another big plus.

‘‘The largest section sizes are usually an acre in size, and the native bush and birdlife is very attractive to buyers.’’

Myles has three lots still available on his current subdivision, and has seen good results from the previous subdivisions built in Otatara.

He was also satisfied with the marketplace performance of these previously built properties in the time since construction.

‘‘Once the lots are all built on a real community develops in these communities. We’ve seen good rises in terms of capital development too, particularly with rises in building costs since they went up.’’