House prices force drift to West Coast

Tuesday 24 February 2004

House prices and rents continue to send Nelsonians south for new opportunities, West Coast real estate agents say.

By The Landlord

First National EV Arthur and Son principal Frank O'Donnell said his Greymouth office had notched up record sales in the past 12 month.

High property prices in Nelson were encouraging disillusioned investors to snap up cheaper Coast houses that would once have taken months to sell.

"There is a huge demand, with 90 percent of the purchasers coming from Nelson and Motueka," Mr O'Donnell said.

"They perceive cheaper prices, solid rental returns, and the opportunity for capital gain as strong reasons to invest on the Coast."

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