The ‘SOLD’ signs are up all over Queenstown’s Millbrook Resort as the multi-award-winning resort notches up nearly $170m of property sales and development in the past ten years.
Would-be homeowners shouldn’t be concerned, however – the popular resort’s mini property-boom shows no sign of abating and more developments are in the pipeline.
Stage One developments in the Millbrook West area of the golf resort including Coronet Square, Taramea Square and McEntyre’s Tarn neighbourhoods – totalling $110m – are now completely sold out.
In total, 94 ‘home-and-land’ and ‘land-only’ properties have been sold at Millbrook since 2006, totalling $170m.
In its Stage Two development, both the nine-section Mill Green and nine-section Mica Ridge neighbourhoods each sold out in impressive timeframes. All the Rocky Gully Lane ‘home and land packages’ have also recently sold out to buyers from both New Zealand and offshore.
“It’s fair to say that demand has been consistent and currently shows no sign at all of letting up,” says a delighted Millbrook Property and Development Director Ben O’Malley.
“Recognising this, we’re designing and developing ahead of the market. The reality is that all the newer stages, whether ‘home and land’ or ‘land-only’ options, are selling very strongly at differing price points.
“It’s a great space to be in right now and we’re obviously keeping a close eye on market forces, but high levels of business confidence are still seeing properties being bought off the plans as a lifestyle investment and/or to more permanent residents.”
Mr O’Malley says demand demonstrates better than anything else that Millbrook’s reputation for quality combined with a strong community spirit continues to make it THE place to live in the Wakatipu Basin.
“A few years ago we adopted a strategy of building show homes so buyers could look, touch and ‘feel’ each new home type, walk through the door and get a real sense of the practical, functional design and quality of workmanship of their potential new home.
A stunning aerial shot of new development areas at Millbrook Resort, Queenstown
“That’s worked incredibly well for us with ten show homes built to date and three more currently under construction.
“Buyers know we’re going to deliver what we say, because they only have to look around them to see the highest levels of quality combined with diverse products that meet market demand, whether it’s a family home, a holiday house or investment.
“And if they want an endorsement from other homeowners about owning property at Millbrook, there’s growing numbers of people only too happy to give them one.”
Most visitors to Millbrook would not realise the extent of current development and construction activity, which largely sits in tracts of land well away from the village centre. Millbrook has just lodged resource consent for Stage 3D — 22 lots with stunning views towards Mt Dewar, Coronet Peak and the Crown Range on the western boundary of Millbrook.
“We’ve had a fantastic start to our new financial year which starts in October,” says Mr O’Malley. “In less than three months we have $14.8m of sales confirmed which is tracking nicely for the year to date”.
“Some people are confident building their own dream home, while others are looking for a high quality design and build and a new home they can move into for a fixed price. Our home and land packages make the whole exciting process of building your own home so much easier.
“We have 20 homes under construction here right now, nine of which Millbrook is building and the others are private homes. In all, there are nine different construction firms working on the resort, and in addition we have significant civil works underway.
“We’re spending about $1.5m per month on our own projects right now, so that shows our huge confidence in the marketplace.”
Around 80% of buyers and investors are Kiwis, all looking for their little bit of Wakatipu ‘gold’.
“Queenstown locals are buying and building here, we’re seeing increases in the number of people living permanently at the resort, and there are now different generations of families enjoying the ultimate Millbrook lifestyle.”
Millbrook Resort is living up to its reputation as Australasia’s leading golf and lifestyle resort in the South Island, featuring 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.