Real estate sales on the rise in Riverton
Brook Sabin / Stuff
House prices in Riverton have taken off in recent years, which some attribute to international travel restrictions from Covid-19.
In recent years, the demand for residential real estate in the Riverton Aparima area has skyrocketed and everyone seems to want a piece of the “Southern Riviera”.
Kennedy Building general manager Will Kennedy said that while demand for construction is on the rise, so will the price of raw materials.
“The supply and demand for raw materials in the building industry has become a problem. It is more and more expensive.
“We get awards for increases that are emailed to us every fortnight, and if it keeps happening like that, then it’s definitely not sustainable,” Kennedy said.
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He had really noticed an increase in demand in the area over the past three years or so.
When Kennedy first moved to the area about 11 years ago, he recalled there were over 130 homes available and a few plots of land.
“Now there could be 30”.
Todd & Co Realty’s residential and lifestyle sales agent Diane Wilson said her buyers came from all walks of life, from expats and locals in the rural south to the Kiwis across the islands. .
“There are various reasons why people come, apart from a change in lifestyle, which created this need for more housing. “
Depending on the nature and location of the properties, they were generally recovered fairly quickly, Wilson said.
According to Wilson, data from Todd & Co Realty showed that current property prices in Riverton were up 147% from five years ago.
The current median selling price is $ 565,000.
Wilson had also noticed an increase in sales at Orepuki, about 20 minutes northeast of Riverton.
Southland District Mayor Gary Tong has lived in Riverton for five years and believes the availability of land and houses has not peaked.
“There are definitely a number of options available to people here, either to buy existing chalets or houses or to buy land and create their own building on it. “
One of the reasons for the surge in sales could be due to Covid-19 travel restrictions, he said.
“A lot of people can’t go on vacation, so they’re looking at reinvesting in properties.”
What would delay a lot of construction was the delay in materials, Tong said.
Riverton resident Peter Templeton moved to the area about 30 years ago and said at that time it was very difficult to get people interested in buying property in the area.
“You could buy a three bedroom house [for] about $ 50,000, ”he said.
Templeton also believed Covid-19 had heightened interest in Riverton.
“I think with Covid-19 people have realized that you can be in all of these flashy places in the world, but if you are locked out you must have something to do.
“While in Riverton there are a lot of beach walks, you can go to Mores [Scenic] Book, you’re surfing to Colac Bay, fishing and kayaking and I think that’s a catalyst for wanting houses in Riverton.