Wakatipu housing pressure

THE first residents at the Bridesdale Farm Special Housing Area (SHA) are expected by the end of the year.

The subdivision, which adjoins Lake Hayes Estate, was the first SHA through the gates, getting the tick from commissioners in February 2016 — titles were issued in May this year.

However, Otago Daily Times’ sister paper Mountain Scene reported in July just 39 of the 134 sections — less than

30% — are owned by either firsthome buyers or people who do not own property elsewhere.

Fortyone properties are owned by building professionals, that is, building companies, developers or house rental firms.

In August last year, a 360sq m house and land package at Bridesdale was being advertised for sale for $755,000 by Mike Greer Homes Wanaka.

At the time, general manager Tane Tawera said the owner would have paid about $260,000 for the land originally, but the value was higher by then.

Meanwhile, a threebedroom, twobathroom house, also at Bridesdale, is being advertised for sale by Stonewood Homes.

The asking price for the 126sq m home on a 277sq m section, listed late last month, is $730,000.

Another threebedroom, twobathroom home in the SHA, is being sold by Bayleys, the price being by negotiation.

Listed last Wednesday, it has a land area of 462sqm and a floor area of 146sq m.

Sections at Bridesdale Farm originally sold for between about $180,000 and $260,000.