Subdivision boom around Greymouth

Friday 16 July 2004

A property gold rush has broken out on the West Coast, with more than 200 building sections on offer in the Greymouth area alone.

By The Landlord

Eight new housing subdivisions are under way or planned on either side of Greymouth, from Barrytown to Paroa...

The boom in subdivision proposals coincided with unprecedented demand for quality housing.

"Currently we have for sale the lowest number of residential properties ever offered on the market," O'Donnell said.

The only permanent-material house on the market sold last week.

"There is no choice for anyone at present, so these subdivisions will allow locals to build, and that will also release a lot of good-quality, second-hand properties to the market." Although there appeared to be an over-supply, they would all be needed in the long term as the Coast economy continued to grow.

He said the various subdivisions were catering for different markets and would complement one another, from the up-market proposals at Marsden Valley and Paroa to the rural lifestyle blocks at Rutherglen.

Read More - Opens in a new window
Commenting is closed

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.


Resilience needed in face of change

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.


Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer