Sections in an exclusive residential subdivision on the edge of Lake Hatuma (Lake Whatumā) have been placed on the market for sale amid renewed interest in lifestyle properties from Kiwis moving from New Zealand’s main centres.
Comprising 12.745ha just three kilometres from Waipukurau in the central Hawke’s Bay, the Jensen Drive subdivision features ten sections ripe for residential development, ranging from 5,000sq m to 6.570ha (more or less).
Bayleys Hawke’s Bay Lifestyle and Residential salesperson Andy Hunter says the properties are offered to the market just as construction costs are stabilising, and the tide is turning positively for the residential housing market.
“Volatility following the pandemic has recently given way to renewed confidence in regional lifestyle and residential sales markets, with buyers encouraged by a stay in the Official Cash Rate (OCR), inflation tracking downward, high migration placing pressure on the physical demand for housing, and strong employment prospects,” he says.
“Forecasts for sluggish construction activity nationally are set to increase the supply-demand imbalance, placing upward pressure on existing property prices and raising the value proposition for house hunters considering building new.
“At the same time, there’s a dearth of quality properties currently available for sale, and we expect the unique lifestyle blend, lakeside position, and freedom to personalise a design-and-build project will see strong interest in the Jensen Drive sections.”
Mr Hunter is marketing the properties for sale by negotiation with colleague Andy Lee.
Positioned on the eastern flank of Lake Hatuma, at 350 Racecourse Road, each section in the boutique subdivision features expansive flat land sites and broad views of the shimmering wetlands, home to the region’s largest population of the globally endangered Australasian bittern.
“Offering lakeside tranquillity and convenient access to the Waipukurau township in equal parts, Jensen Drive presents a serene solution for budding new-build and lifestyle block owners,” says Bayleys Hawke’s Bay Residential and Lifestyle salesperson Andy Lee.
Mr Lee says the sections will appeal to the growing number of inter-region migrants moving from dense main centres in search of a more affordable lifestyle option.
“We’re fielding greater enquiry from buyers who increasingly view the central Hawke’s Bay region, particularly Waipukurau, as a strategic investment option given comparatively lower entry levels to homeownership and strong employment prospects.
“Agile working environments have emboldened Kiwis to place greater emphasis on their home and lifestyle. At the same time, an ageing population seeks respite for the golden years.
“This has resulted in a push to the regions, a sustained trend we expect will continue as the effects of easing immigration policy flow through the economy, ultimately placing greater pressure on the physical supply of housing across the country,” he says.
Research firm CoreLogic’s July House Price Index shows that the average property value across Central Hawke’s Bay was $593,599 - 54 percent below the national average of $911,222.
Mr Hunter says buyers are attracted to Waipukurau for its accessibility – being an hour’s drive from the Hawke’s Bay Airport – and an abundance of outdoor activities, including hiking, fishing, cultural exploration and a strong community network.
“Stemming from strong population growth over the last decade, Waipukurau has benefitted from significant local investment, including infrastructure work to improve transportation lines, a new water reservoir and major stormwater upgrades.
“Funding from the Government’s Provincial Growth Fund has been allocated to facilitate various cultural, housing and transportation projects, which have increased amenity and access, which is evolutionary to a relatively small community.
“With a population set to double over the next two decades, the region is set for a sustained period of growth, and current market dynamics suggest plots in the Jensen Road subdivision present an inimitable opportunity for buyers to create their own idyllic lakeside retreat,” he says.