Why Choose Wanaka, New Zealand for Property Investment?

Lake Wanaka and Lake Hawea real estate are experiencing strong growth. New real estate development subdivisions are for sale in Wanaka and the surrounds. If you are considering purchasing real estate in the region for investment, if you are an overseas purchaser, or if you want to know where Wanaka is, about the population, climate and lifestyle opportunities then this article is for you.

Investment

Wanaka Residential

The Queenstown-Lakes region population is one of the fastest growing in New Zealand. 2006 census counts have recorded an increase of some 35% from the 2001 census. Median property prices in Wanaka currently equate to $530,000(NZ$) for houses and $250,000(NZ$) for sections. Since mid 2006 the number of property transactions has increased with it now difficult to find a residential section in Wanaka for under $220,000 (NZ$) and a house below $400,000(NZ$).

Prime land close to Wanaka, with excellent mountain and lake views, remains in demand. The number of new sections on the market appears to be on the decline. The first sections in the new subdivision at Peninsula Bay have been released and most have already been sold. First home buyers find Wanaka a difficult choice due to higher prices than in Albert Town, Lake Hawea, Hawea Flat and Luggate. The recent release of Timsfield Development sections in Lake Hawea have been a popular low priced option.

Tourism Property

The accommodation sector and related businesses have enjoyed a buoyant market over the past 4-5 years, mainly due to growth in the number of visitors to the area. New investment is evident in the growth of visitor accommodation, servicing industries such as bars and restaurants along with growth in activities such as the new international standard climbing Basecamp Wanaka complex. Information from the Tourism Research Council NZ indicates that in the period 2004 to 2011 total visitor nights to the Wanaka area will rise by 30.1%, an excess over the national average of 21.1%.

Overseas Investors

New Zealand is an investment friendly country with no stamp duty, mortgage stamp duty, land tax, property purchase tax, nor capital gains tax. Buying from overseas is simpler than it sounds. The New Zealand Government has no major barriers for overseas property investors. The Government encourages foreign investment.

What type of land acquisition may require Overseas Investment Consent?

Area: Where the land area exceeds 5 ha in area.

Foreshore: Where the land includes foreshore/seabed or adjoins foreshore/seabed.

Lakes: Where the land exceeds 0.4 ha in area and adjoins or includes the bed of a lake.

Reserves: Where the land exceeds 0.4 ha and includes or adjoins a reserve, park or conservation land.

Islands: Any land on most off-shore island.

Historic Places: Where the land exceeds 0.4 ha and includes or adjoins most historic or heritage areas.

Lifestyle

The areas weather and terrain offers a variety of opportunities as an adventure paradise, a family recreation area and a tranquil retreat. Work and leisure opportunities abound in the various arts and the supportive Wanaka community run an abundance of festivals and events.

Where is Lake Wanaka?

Lake Wanaka lies at the heart of the Southern Lakes, New Zealands wonderland, and southern most wine region, in the lower South Island. The township is situated in a dramatic glacier-carved basin on the shores of the lake and is the gateway to the Mt Aspiring National Park World Heritage area.

It is a short 55 minute drive over a scenic highway from the closest international airport at Queenstown. Wanaka has its own airport connecting to Christchurch. Wild and beautiful Lake Hawea is a short 15 minute drive from Wanaka.

Climate data

Average rainfall 682mm/year

Average daily temperature 16.6 (Celsius). There are four distinct seasons. The weather is fairly dry with spring (September – December)the wettest months. In summer the weather can reach 34 centigrade but averages 23 centigrade. Winter tends to have clear calm days with highs around 10 centigrade and often falling to negative figures at night.

Population

6,900 which is boosted by thousands of visitors and holiday makers throughout the year.