A property gold rush has broken out on the West Coast, with more than 200 building sections on offer in the Greymouth area alone.
Friday, July 16th 2004, 10:39PM
by The Landlord
Eight new housing subdivisions are under way or planned on either side of Greymouth, from Barrytown to Paroa...
The boom in subdivision proposals coincided with unprecedented demand for quality housing.
"Currently we have for sale the lowest number of residential properties ever offered on the market," O'Donnell said.
The only permanent-material house on the market sold last week.
"There is no choice for anyone at present, so these subdivisions will allow locals to build, and that will also release a lot of good-quality, second-hand properties to the market." Although there appeared to be an over-supply, they would all be needed in the long term as the Coast economy continued to grow.
He said the various subdivisions were catering for different markets and would complement one another, from the up-market proposals at Marsden Valley and Paroa to the rural lifestyle blocks at Rutherglen.
