The 8.997-hectare landholding for sale is located on the eastern boundary of Te Awamutu, south of Hamilton, and is currently utilised for agricultural cropping.
Sitting adjacent to the existing suburban Fairview Estate housing subdivision, the land is zoned future residential under the Waipa District Council Plan, and has the potential to sustain up to 120 new sections – many with views towards Kakepuku and Mt Pirongia.
Waipa District Council’s plan identifies Te Awamutu as being one of the two foremost townships in the jurisdiction, with the other being Cambridge.
“Most of the new residential growth will be directed to Cambridge and Te Awamutu, and by 2050 it is anticipated that these two towns will have nearly doubled in size. A change in the current density and form of residential development will need to occur if future housing demands are to be met in a sustainable manner,” said the council plan.
The council’s 10-year vision for the area forecasts the requirement for the building of more than 5,000 new homes. In the 2020 National Policy Statement on Urban Development (NPS-UD), the Waipa area which includes Te Awamutu is defined as being part of Hamilton’s Tier 1 urban environment.
As a result, the council is required to support the supply of 20 percent (short and medium terms) or 15 percent (long-term) more land than previously forecast, in order to attempt to provide market choice for developers and consumers, and to simultaneously alleviate house price pressures.
Aiming to go some way to supporting the forecast growth and subsequent need for housing, the 8.997-hectare block of freehold land at 540 Wallace Terrace in Te Awamutu is being marketed for sale at auction on March 17 through Bayleys Hamilton. Salespeople Alex ten Hove and Luke ten Hove said the property was perfectly situated to deliver a high-quality housing solution to the demand for new housing in the township.
“With an existing residential zoning already in place, the council has made it abundantly clear where it would like to see Te Awamutu’s urban growth heading. This land is certainly the biggest block of its type for sale in Te Awamutu at present,” said Alex ten Hove.
“As a virtual greenfield space, the Wallace Terrace block enables any developer to maintain a road pattern that follows the natural contour of the landform, and which provides for views to the rural hinterland.
“Similarly, there is a blank canvas for the provision for wide grassed road verges that enable sufficient space for mature trees. Subdivision of the site could allow for the creation of relatively large sections, or for the combination of medium and larger sites to meet different demands and budgets for sections within the locale.
“Additionally, the aspect of the land and its general boundary uniformity, allow for development on a low-density model with one or two storey homes set back from road frontages to enable sufficient open space for the planting of trees and private gardens.”
Ten Hove said that based on current values, adding in the installation of utility services such as roading, water, electricity, and telecommunications, as well as factoring in inflation over the coming year to 18-months, medium to larger-sized sections situated in what would become the Wallace Terrace subdivision could expect to have individual price tags somewhere in the region of $500,000 dependent on size and location within the subdivision.
Latest property sales data from the Real Estate Institute of New Zealand show that median property values in the Waipa District rose some 16.9 percent in the year to January 2022 – up from $710,000 in January 2021 to $833,000 in the same period this year.
The REINZ January stats also noted that the current figure of 38 days to sell a property in the region was much lower than the 10-year average of 46 days.
Luke ten Hove said a 180-square metre three-bedroom/two-bathroom/two living area 1970s dwelling currently located on the Wallace Terrace property would allow a new owner the opportunity of deriving holding income while any future development plans were lodged with the council for review under the consent process.