Subdivision to double town size
Thursday 12 February 2004
A 90-section development has been proposed that could double the size of Luggate.
By The LandlordWork could start later this year on a 40-lot subdivision, followed at a later stage by a 50-lot development of larger sections.
Luggate, 13km southeast of Wanaka, has about 100 houses, a handful of tourist, hospitality, transport and milling industries and is surrounded by farms and vineyards.
The developer, Luggate Holdings Ltd, has begun consulting the community and appears to have secured some conditional sales contracts for sections.
Read More - Opens in a new window
Commenting is closed
Auckland’s housing market saw another slump in sales volumes in May but prices are holding steady, according to the city’s largest real estate agency.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Banks have not relaxed loan-to-value ratio limits for investors, despite the Reserve Bank's move to scrap LVR rules.