Why choose Wanaka, New Zealand for property investment?
Lake Wanaka and Lake Hawea real estate is experiencing strong growth. New real estate development subdivisions are for sale in and around Wanaka. If you are considering buying real estate in the region for investment purposes, if you are a foreign buyer or want to know where Wanaka is, about the population, climate and lifestyle opportunities, then this article is for you.
investment
Residential Wanaka
The population of the Queenstown-Lakes region is one of the fastest growing in New Zealand. The 2006 census counts recorded an increase of around 35% over 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 and it is now difficult to find a residential section in Wanaka for less than $220,000 (NZ$) and a house for less than $400,000 (NZ$).
Prime land near Wanaka, with excellent mountain and lake views, continues to be in demand. The number of new sections on the market seems to be declining. The first sections of the new subdivision in Peninsula Bay have been released and most have already been sold. First-time homebuyers find Wanaka a tough choice due to higher prices than Albert Town, Lake Hawea, Hawea Flat and Luggate. The recent release of Timsfield Development’s Lake Hawea sections has been a popular low-priced option.
tourist property
The lodging sector and related businesses have enjoyed a buoyant market for the last 4-5 years, mainly due to the growth in the number of visitors to the area. The new investment is evident in the growth of visitor accommodation, service industries such as bars and restaurants along with growth in activities such as the new Basecamp Wanaka complex climbing to international standards. Information from the New Zealand Tourism Research Council indicates that over the period 2004 to 2011 total visitor nights in the Wanaka area will increase by 30.1%, an excess of the national average of 21.1%.
foreign investors
New Zealand is an investment-friendly country with no stamp duty, mortgage stamp duty, land tax, property purchase tax, or capital gains tax. Buying abroad is simpler than it seems. The New Zealand government has no major barriers to overseas property investors. The Government encourages foreign investment.
What type of land acquisition may be required by Foreign Investment Consent?
Surface: When the surface of the land exceeds 5 ha.
Beach: Where land includes beach/seabed or adjoins beach/seabed.
Lakes: When the land exceeds 0.4 ha in area and adjoins or includes the bed of a lake.
Reserves: When the land exceeds 0.4 ha and includes or adjoins a reserve, park or conservation land.
Islands: Any land on most islands off the coast.
Historic Sites: Where the land is larger than 0.4 ha and includes or adjoins most historic or heritage areas.
Lifestyle
The area’s climate and terrain offer a variety of opportunities as an adventure paradise, family recreation area, and quiet retreat. Work and leisure opportunities abound in the various arts and Wanaka’s supportive community hosts a host of festivals and events.
Where is Lake Wanaka?
Lake Wanaka lies at the heart of the Southern Lakes, New Zealand’s wonderland and southernmost wine region in the lower South Island. The township is situated in a spectacular glacier-carved basin on the shores of the lake and is the gateway to the World Heritage area of Mt Aspiring National Park.
It’s a short 55 minute drive up a scenic road from the nearest international airport in Queenstown. Wanaka has its own airport connecting to Christchurch. Wild and beautiful Lake Hawea is just a 15 minute drive from Wanaka.
climate data
Average precipitation 682mm/year
Average daily temperature 16.6 (Celsius). There are four different seasons. The climate is quite dry with spring (September – December) being the rainiest months. In summer the weather can reach 34 degrees Celsius but it averages 23 degrees Celsius. Winter tends to have clear, calm days with highs around 10 Celsius, often falling to negative figures at night.
Population
6,900 that is boosted by thousands of visitors and vacationers throughout the year.