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
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.
Steve Lindsay 