The quickfire sales of stage 1A of the Alpine Meadows development last week demonstrated there is still strong demand for residential property in Wānaka.

The stage 1A release brought 42 sections to the market last Wednesday (March 2) and more than half were sold by lunchtime the same day.

“We released the sections at 10am on Wednesday and by midday around 25 were spoken for,” Willowridge Developments residential sales and marketing manager Jarrod Frazer said.

“Thirty-six have now either sold or are under contract, with high interest in several of the others.”

Jarrod said sections ranged in size from 600m2 to 960m2 with prices from $625k to $799k - close to $1,000 per square metre.

“A very high percentage were local buyers: first home, retirees, and recent families who have moved here,” Jarrod said.

“We limited the sales at the launch to one section per purchaser so that way we have had a good variety of purchasers.”

The Alpine Meadows development consists of 42 hectares of flat rural land which has been rezoned for low density residential development. It stretches from behind the Ballantyne Road industrial area through to Orchard Road.

“In total there will be around 375 sections when completed, which run from stage one down to Orchard Road, with the smallest being 600m2, and some over 1000m2,” Jarrod said.

“We will continue releasing stages depending on purchaser demand.”

The sales defy rumbles among real estate experts nationally and locally which have recently suggested the property market is slowing.

Alpine Meadows is a joint venture between Orchard Road Holdings and Willowridge Developments.

IMAGE: Supplied