That’s the view of real estate agent Chris Jones who has given an overview of the housing market in expert evidence for two plan change rezoning applications before independent hearing commissioner Paul Thomas this week.
The price of sections doubled in Rolleston last year, in the face of high demand and lack of supply.
The Carter Group applications of Plan Change 81 for 28ha and Plan Change 82 for 110ha would together pave the way for 1670 new sections, pushing Rolleston’s town boundary west beyond Dunns Crossing Rd.
Jones said the 2021 market had been “frantic” and “unprecedented.”
Demand had settled slightly this year, and prices had stabilised.
“This is a result of a shift in the market, but also availability of residential land which has recently been provided by rezonings in Selwyn,” he said.
He considered further rezonings, as would be enabled by PC81 and PC82, would help Selwyn stay on top of future housing supply and demand.
“If rezoning is put off any longer, there will be a window of no residential purchasing in Rolleston which will lead to prices sky rocketing again,” Jones said.
Carter Group director Tim Carter said in his evidence, prepared for the hearing, that it was inevitable Rolleston would grow out to the only feasible direction of the west.
“It is only a matter of time, given the significant demand for residential land in Rolleston.
"The proposed plan changes supplement the PC73 site and provide for an integrated and comprehensive form for the entire west side of Dunns Crossing Rd,” Carter said.
The PC73 rezoning application for 2100 sections on Dunns Crossing Rd was declined by the district council this year, but Carter Group has appealed the decision to the Environment Court.
After hearing the evidence of expert witnesses and submitters for PC81 and PC82, Commissioner Thomas will make a recommendation to the district council on whether to adopt the two plan changes.
The joint hearing for PC81 and PC82 was held at Te Ara Ātea.
