Selwyn Times: June 19, 2019

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[Edition datE]
17
Property Market Update
with Property Brokers
Buyers attracted to Leeston
Penny, Tony (Branch Manager) and Angela.
Solid activity boosted by a steady
stream of new residential housing
subdivisions has meant Rolleston has held
the real estate limelight in recent years.
While other parts of Selwyn have been
quieter, market activity has increased
since the beginning of the year. Towns like
Leeston saw large increases in sales in the
first quarter, with confidence remaining
high through April and May.
Tony Quayle, Branch Manager for
Property Brokers says people are attracted
to towns such as Leeston as they offer the
opportunity to get more for their money
with properties generally more affordable
than the equivalent home or section in
Rolleston.
After the abnormality created by the
earthquakes where an initial shortage
of homes saw a rise in property values,
capital gains have stabilised with more
moderate gains. The massive increases of
four to five years ago are no longer there.
In Leeston, property prices have also been
steady, reflecting the quieter
market throughout the country.
“With Rolleston now moving
into offering smaller lots, people
are considering other towns in
the district. While the Leeston
market had been quieter, there
is now more interest in the area
as buyers can secure a larger
section or newer home for less,”
suggests Tony.
Rolleston’s newer subdivisions
mostly feature
sections of 500-700sqm in
the $170,000-$200,000 price
bracket. The equivalent land in
Leeston usually sells at a lower
price though land availability
is limited with some section
releases like the Clausen Avenue
development.
In Leeston, a budget of
$500,000 can secure a newer
four bedroom home on a larger
section. Older homes like a
120 year old cottage or villa
and newer existing homes may
sell for between $320,000 and
$400,000. With fewer homes in this price
bracket in Rolleston, first home buyers
seeking a larger home and section are
looking to move further out.
“People are choosing to go to Leeston
as the properties available offer value
for money in a smaller rural town,” says
Angela Hunt, Residential Salesperson for
Property Brokers.
Angela and her colleague Penny
Dadson-Clausen both live and work in
the area.
“We’ve had tremendous support from
locals who like to support other locals and
the new Property Brokers’ Leeston branch
gives people more choice,” adds Angela.
Angela and Penny have been very busy
in the first half of the year. She says many
people selling are often upsizing while
others may be purchasing in another part
of the district. A number of buyers are
also moving out from the city, especially
first home buyers who are attracted by the
opportunity to have more for their money.
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