‘Glory month’ for property sales at Millbrook

Media Release from Millbrook Resort
April 12 2013

‘Glory month’ for property sales at Queenstown’s Millbrook Resort

Queenstown’s multi-award-winning Millbrook Resort is celebrating a ‘glory month’ of property sales with nearly $11m in contracts written in March.

The five-star luxury lifestyle resort recorded $10.65m in contracts written during the month, around 40% of the average yearly total.

“Putting that in context, we’ve sold $26m each year for the past two years, but with these sales we will sit at $21.5m of sales after just six months of our current financial year,” said Millbrook Property and Development Manager Ben O’Malley.

The sales were all brokered by Millbrook Realty Ltd and were a combination of re-sale properties and new developments.

Mr O’Malley said the upward swing in sales was a “good sign” that Millbrook’s commitment to developing a diverse range of products, from completed luxury homes to expansive building sites, was paying off in terms of attracting a wider group of potential owners and investors.

“Queenstown is one of the greatest places in New Zealand to own a second home or holiday home, and the fact is that business confidence is building, housing stocks are in short supply across the country,” he said.

“Interest rates are still low, meaning we are looking extremely attractive to buyers from Auckland, Wellington or overseas. Auckland is a large market for us and so we are possibly getting some positive rub off from the property resurgence that region is experiencing.

“We’ve had several properties sell ‘off the plans’, something we haven’t seen for a few years, and multiple offers on some properties.

”Over the past few years the use of show homes has been a valuable tool to sell additional homes off the plans. However as the market is improving we have increased confidence to develop further stock on a speculative basis, which also enables us to cater for the market that can’t wait for a ‘built-to-order’ home to be constructed.”

The seven March sales include a home at Mill Green and one at Taramea Square, both purchased off the plans, a bare land site at Mica Ridge also off the plans, an existing section at Mill Green, two existing homes and a hotel villa. The buyers have come from New Zealand, UK, Australia and Russia.

“Construction of seven of 12 new homes in the recently released Taramea Square neighbourhood is now underway,” said Mr O’Malley.

“This development has proven hugely attractive with its four home options, ranging from the timber-clad Ski Barn to Courtyard homes with multiple indoor and outdoor living spaces.”

Two new homes are also underway at Coronet Square, where some exciting new design amendments have been incorporated.

Mica Ridge is a new subdivision that will ultimately incorporate 20 freehold sites, including the nine in an initial release. Located to the south of the 4th fairway of the Coronet Nine, the remaining sites range in size from 1303sqm to 1772sqm and sit in an elevated position.

“It’s an absolutely beautiful piece of land,” said Mr O’Malley.

Millbrook Resort recently marked an important milestone, celebrating twenty years since it first opened its gates. It now employs almost 250 staff, and is the largest luxury golf and lifestyle resort in the South Island.

Some members are now living in their third or fourth property at the resort and second generation members are also coming through.

“Our lifestyle appeal is growing significantly in both international and national property markets,” said Mr O’Malley.

“Millbrook has a winning combination of a stunning Central Otago location matched with magnificent architecturally-designed homes within 20 minutes’ drive of a booming year-round destination.

“With every new development we reinforce Millbrook’s reputation for quality and buyers continue to invest here.”

Earlier this year Millbrook was hailed as the Best Asia Pacific Golf Course in the Shanghai Travelers’ Club 2013 Luxury Travel Awards, and has been named the Leading Golf Resort in Australasia at the World Travel Awards for the last three years. It was also voted the number one hotel in New Zealand in the 2013 Trip Advisor Travellers’ Choice Awards.

ENDS

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