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Growth fundamentals underpin interest in prime West Melton land parcel

One of the largest undeveloped land lots 15 minutes from the edge of Christchurch City has been placed on the market for sale amid increased pressure to free land for residential development.

Comprising 10.743 hectares (more or less) of rurally zoned land at 664 Weedons Ross Road, the property is currently subject to a plan change application which would see it rezoned as General Residential to facilitate low-to-medium-density housing development.

Bayleys Canterbury Lifestyle and Residential salesperson Chris Jones says the property is offered to the market at a time of extraordinary growth across the Selwyn District, which has seen the population rise faster than council planners have predicted.

“Recent estimates from the Selwyn District Council (SDC) see current growth in the realm of 4.9 percent per annum, which makes Selwyn the fastest-growing district in the country behind Queenstown-Lakes.

“The SDC has identified the need to build more than 12,000 new homes over the next decade to accommodate this demand. However, the key will be doing this efficiently by utilising current infrastructure and balancing the need for housing against the desire to protect highly-productive land.

“Under the Council’s current growth objectives, the property at 664 Weedons Ross Road naturally lends itself to residential utilisation, given a position on the key commuter belt off State Highway 73 and proximity to the West Melton township, Rolleston and central Christchurch.”

Mr Jones is marketing the property for sale by Deadline Private Treaty, closing at 12:00 pm on Friday, 25 August 2023 (unless sold prior).

Featuring two titles of 6.69ha and 4.05ha, the land parcel presents as one of the largest lots primed for redevelopment along greater Christchurch’s southern corridor.

West Melton, in particular, has become a key focus area for relocation, which has elevated average property values due to undersupply of housing in the immediate vicinity.

Large land lots typically feature singular homes, which as at March 2023, netted an average sale value of $1.347 million - nearly double that of the broader region, according to data from the OneRoof-Valocity House Value Index.

“We’re seeing more significant pressure placed on local housing capacity as an increasing proportion of families relocate to lifestyle areas.

“Post-earthquake movement has helped, but there is also increasing demand from inter-region migration, with buyers from Auckland and Wellington finding value here.

“We need only look to the explosive growth in nearby Rolleston to demonstrate the appetite for housing, providing a strong development case for rezoning the property to a higher density for residential development.”

Mr Jones says confirmation of the property’s rezoning is anticipated before 20 August 2023 and, if successful, would provide for more than 118 lots with a minimum average section size of 650sq m under current planning stipulations.

“While West Melton is a key focus area for the district’s growth, it is uncertain how much land will be able to be rezoned given a focus on protecting our highly-productive farmland and soils.

“This property presents a unique opportunity to capture the demand for housing against existing infrastructure and proximity to established amenities, providing exceptional development fundamentals.

“In addition, the Selwyn District continues to be a superbly attractive area for investment, propped up by a burgeoning economy which has recently outpaced national growth.

“This story is underpinned by a stable primary economy and confidence in local business and expansion, in addition to being a wonderful place for families to raise children and leverage growing employment opportunities across the region,” he says.

Click here for more information on the listing.

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