Subdivision sales exceed expectations

Stage one of a new subdivision in Gore has been almost fully subscribed within 24 hours of going on the market.

Eleven of the 15 sections at Matai Ridge went under contract on the first day of the sales. The sections sold for between $149,000 and $205,000, realising a total of just over $2million.

Matai Ridge is a joint venture subdivision involving the Gore District Council and Wilson Contractors (2003) Ltd. It is located in East Gore and features sections with west-facing views of the town and Hokonui Hills.

Gore District Council Chief Executive Stephen Parry said all the sections were conditionally sold for the asking price, except one which went for $8000 higher than the asking price.

“This sets a new benchmark in the local market.

“We were confident there was pent-up demand, and we would see several sections under offer in the first few weeks. But to have 75% of sections under contract in 24 hours is well beyond our expectations.”

He said that the mix of covenants in place would protect people’s investment while providing flexibility in the type of house people want to build.

“Matai Ridge is about creating a neighbourhood. People want that.”

The strong response to stage one is likely to see the release of stage two before next winter, Mr Parry said.

First National Gore business owners Graham and Tara Maxwell were thrilled with the response to the launch of Matai Ridge.

“We have both first home buyers and developers locally and from out of Gore securing sections.”

With calls of interest continuing, they expect the remaining four available sections in stage 1 to go quickly.

“We've had one email from a New Zealander returning from Ireland with his family.”

“We knew from client feedback over the last few years that the demand for land was high.”

Matai Ridge was a premium subdivision providing for all buyer requirements with varying sizes, services to the site, roading, and views, he said.