Queenstown Area Property Sales September 2010


Half way into Spring and the number of property sales reported for the month of September literally ‘bounced’ back from what could only be described as a lack luster August. Buyer demand remains strongest sub-$500K for residential with 76% of all residential dwelling sales (excluding Apartments) achieved below the $749,000 price point.

One positive indicator was the geo-location of sales for residential dwellings and vacant lots which revealed a broad spread across Queenstown/ Wakatipu Basin.

The overall value of September 2010 sales was bolstered by two large rural sales totaling $5.25m which ensured the total value of sales close to mirrored September 2009.

Following is my ‘desktop analysis’ of the latest property data.

Queenstown Area Property Sales- Month of September 2010.

Note: The following data represents sales reported by REINZ agencies and do not include private sales. 

  Type September- 2010 August- 2010 September- 2009
Number of Sales Residential Dwellings 18 15 27
  Apartments 12  8  7
  Units 14  5  8
  Townhouses   2  2  8
  Sections / Vacant 11  5 14
  Rural Lifestyle Block   2  1  1
  Total 59 36 65
Value of Sales ($) Dwellings (Excluding Apartments)  $20,323,500 $12,981,000 $23,878,900
  Apartments $5,984,500 $3,712,700 $3,693,000
  Sections / Vacant $2,789,000 $2,970,000 $6,211,500
  Rural Lifestyle Block $5,250,000 $1,002,500 $1,200,000
  Total $34,347,000 $20,666,200 $34,983,400
         
Median Sell Price Dwellings all types $482,500 $515,000 $480,000
  Apartments $446,250 $515,000 $415,000
  Residential dwellings $545,000 $585,000 $420,000
  Units $335,000 $500,000 $800,000
  Townhouse $557,500 $412,500 $613,250
  Sections / Vacant $244,000 $450,000 $402,000
  Rural Lifestyle Block $2,625,000 $1,002,500 $1,200,000
Median Days to Sell Dwellings all types (Including Apartments) 46-days. 52-days. 51-days.
  Residential Sections / Vacant 42-days. 109-days. 327-days.

 

Breakdown of sales September 2010 (59) comparing September 2009 (65)

Property Type Sales Sept 2010 % of total sales Sales Sept 2009 % of total sales
Residential Dwellings 18 31.0% 27 41.0%
Townhouse   2 3.5%  8 12.5%
Unit 14 23.5%  8 12.5%
Apartment 12 20.0%  7 11.0%
Vacant Land 11 18.5% 14 21.5%
Rural Lifestyle Block   2 3.5%  1 1.5%

 

 

Analysis of Sell Price: September-2010 comparing September-2009

Type: Residential Dwellings, Units and Townhouses (Excludes Apartments)

 

Sales Price Point(Residential All Types) September 2010 September 2009
<$499K 50% of total 61% of total
$500K>$749K 26% of total 23%of total
$750K>$999K 18% of total 12% of total
$1M > $1.249M    
$1.250M > $1.499M 3% of total  
$1.5M >$1.749M   2% of total
$1.750M>$1.99M    
$2m> $3m 3% of total 2% of total

 

Analysis of Sell Price: September-2010 comparing September-2009

Type: Vacant Residential Land

 

Sales Price Point(Residential All Types) September 2010 September 2009
<$199K 27% of total  
$200K>$249K 27% of total 37% of total
$250K>$299K 18% of total  
$300K>$399K 18% of total 14% of total
$400K> $499K 10% of total 21% of total
$500K >$749K   21% of total
$750K>$999K    
$1M>$1.499M   7% of total

CLICK HERE TO VIEW SALES BY AREA AND SELL METHOD

Data Source: REINZ. 

Disclaimer:

While every effort has been made to ensure the information contained herewith is true, no responsibility will be taken for errors or omissions. You should seek your own independent advice from your legal, taxation and financial consultant prior to purchase.

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