Latest batch of fast-selling urban residential subdivisions

Latest batch of fast-selling urban residential subdivision sections placed on the market for sale

Nine residential sections comprising the third release of building sites within a burgeoning Gisborne suburban housing enclave have been placed on the market for sale.

The nine sections are situated within the Oakview development on Gisborne’s north-western rural/urban boundary – five kilometres from the city’s central business district.

When complete, the greater 20-hectare Oakview development – previously sheep and beef grazing pasture until several months ago – will accommodate some 200 homes sitting on sections ranging in size from 450sqm to more than 1,000sqm.

Bulk earthworks at Oakview are nearing completion with final platforms taking shape and a pleasant shade of green from grass growth forecast shortly. Utility services installation and roading infrastructure will be the next phase of works, and will see the onsite team busy through the hot Gisborne summer and into the New Year.

Release 1 and Release 2 of Oakview – which comprised 42 sections, and 10 sections respectively – came to the market earlier this year, and have both been completely sold out.

The nine sections within Release 3 of Oakview are now being marketed for sale at auction on October 8th through Bayleys Gisborne. Salesperson Jenny Murray said

that based on the two previous multi-site releases, the nine plots within Release 3 of Oakview were all expected to sell under the hammer – with people who had previously missed out on securing a section now underpinning demand in the third release.

“Residential construction in Gisborne has been progressing at a rapid pace in recent years to keep up with the population growth, and Oakview will go some way to helping deliver accommodation solutions to satisfy the on-going demand from both home and section buyers,” Ms Murray said.

“The residential zoning of Oakview in what was formerly a rural block, is Gisborne District Council’s direct response to recognising that what was once farmland on the outskirts of town is now the solution for alleviating housing pressure in the region by making better use of underutilised land in such a prime location.”

Eight of the sections within the latest Oakview sell-down are 700sqm in size, while the remaining section is 730sqm. Home building design guidelines and covenants are in place for all sections within Oakview.

“Under these building advisories, all homes within the suburb must be single level and have a habitable building footprint at least 140sqm in size excluding the garage and carport. Although there is no time restriction on when a purchaser can commence building, the dwelling most be completed within a year of building work commencing,” Ms Murray said.

“These covenants have been applied to ensure land and property values are underpinned – protecting the purchaser’s investment. Home design plans have to be submitted to Oakview’s review panel for approval before construction can commence.”

Oakview is located on the corner of Hansen Road and Back Ormond Road - with Lytton West Shopping Centre some 2.2 kilometres away and Lytton High School is a short 600 metre walk away. Recreational amenities such as Nelson Park, Harry Barker Park, Gisborne Golf Club, and the Gisborne Showgrounds are all within easy walking distance from Oakview.

Latest Real Estate Institute of New Zealand data for August shows Gisborne’s median house price grew by 8.7 percent year-on-year - with the median price at $500,000 - up from $460,000 in same month last year. The figures also revealed that on current sales volumes, there was estimated six weeks of inventory in the market – 10 weeks less than at the same period in 2020.

Ms Murray said that localised real estate sales data for the Lytton West locale showed that a majority of property sales in the area over the past three years were categorized as ‘built homes’ – reflecting both the mature nature of the suburb and the rarity of bare sections coming on the market for sale.

“By contrast, the Oakview sections offer buyers the chance to have a new home, built specifically to their personal tastes, budgets, and specifications. They are a complete point of difference, which is why demand for sections has consistently been so high since they first came onto the market,” she said.

Click here for more information on the listing.

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