LOCAL real estate agents say land is back on the radar of property investors after a pause following the economic downturn.
While sales of almost everything froze at the start of last winter, any movement was generally established property, often going at below previous market value from vendors looking to liquidate.
Land was put on hold as market values were reassesed and investors waited to gauge which way the market was heading. With renewed confidence back in the market, local agents are reporting land is back in vogue.
“Land is definitely back on,” said Derek Kennewell of LJ Hooker Niseko.“A buyer’s market allows people to take time and be more discerning with their purchases, making land for a custom construction job very attractive. From buyers looking to build a private winter getaway, to a number of investors looking to take on small to mid scale apartment developments, and all the way through to large scale developments by investment firms.”
Many local agents report sales of land ranging from small residential blocks to larger prestige blocks.