Ray White Queenstown has received a significant appointment to sell down 20 sections in the Jacks Point development. Located just outside of Queenstown, the Jacks Point development has 600 lots in total with about 200 lots in private ownership. Section sizes range from 800 to 1,200sqm. The sections that Ray White Queenstown is auctioning are in the prime area of the subdivision and have government valuations of $450,000 to $550,000. The majority of the sections are around 1,100sqm.
Bas Smith, the co-owner of Ray White Queenstown, said that the vendor bought the sites from the original developer in 2006. He said “Jacks Point is arguably one of the best residential developments in New Zealand and given the prices have been adjusted by almost 50% on the valuation, these sections represent outstanding value.”
Sales manager for Ray White Queenstown, Wayne Cafe, said that the reserves for the sections had already been set at $165,000 to $205,000. He said that the sale of the sections must go ahead and the prices have been set accordingly to ensure that every section is sold on auction day.
The Jacks Point development is a 1,200 hectare project located 15 minutes out of Queenstown. The precinct has approval for golf, housing and entertainment. There are currently more than 20 homes being built and another 80 or so properties have gone through the design review process and are expected to be built in the next 12 months.
Please see the story which appeared in the NZ Herald