PHOTO: CHARLOTTE CURD/STUFF Sales of leasehold properties in Waitara are on the up, in the wake of a law change. (File photo only)
A land law governing certain properties in Waitara is helping make the town an attractive hunting ground for first-home buyers.
And in the meantime it is building a community nest egg, which currently sits at $3.8 million.
In March 2019, the Waitara Lands Act came into force, providing the option for 770 leasehold properties to be bought at market value and owned freehold, with money from sales going to benefit the community.
The law change has seen the once shunned leasehold sections become increasingly popular, with recent real estate data showing they are, on average, selling at a much faster rate, and at a higher price.
Figures released by Professionals for December last year show that in the same month in 2018, leasehold properties took on average 369 days to sell, at an average sale price of $115,000.
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