Not when it is actuarial based.
Seriously, have you ever talked to a RV valuer? I have and they do not value RV units like residential property valuations.
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Fair enough.
I do think people pay way too much for property and if you were to value their property like any other financial asset you'd find it's worth multiples less. Only way for people to make good returns in property is to leverage up and hope a punter will pay more than you did for it in some time in the future.
They are double sections. Those sections on that side of Glover road have decent north facing 180 degree views extending from city to Rangitito and perhaps further. So they should be able to give a good view for most of the units developed. Plus Glover Park is on the other side of the road - so no building out the outlook.
Residential real estate of course has value in housing the people. We have to live on land. However in NZ government regulatory, tax and monetary policy give it an advantageous appeal to investors seeking to accumulate a pension or other investment fund. So it is debatable whether providing the people somewhere to live is the main objective in NZ.
I hope so. I am a shareholder! Perhaps in conjunction with their existing site, they see opportunities to unlock even greater value with the addition of the new sites.
I would be happy to be a neighbour of those two sites as I imagine they may be on OCA’s wish list.