Early June, The National Business Review (NBR) ran the headline ‘Auckland, Queenstown housing sellers’ markets.’
Excerpt—-“Auckland and Queenstown are now being viewed as sellers’ markets for housing, as stronger sales combine with lower levels of new listings, the Realestate.co.nz said.–“The prolonged sluggishness of new property listings, which has been evident for nearly 2 years, has at last seen a tip in the balance of the property market from favouring buyers to favouring sellers,” the website said in its latest NZ Property Report, published today.
Favouritism aside Queenstown property sales by volume for the five months year-to-date 2011 comparing 2010 have increased across all property types. Median sell price for all property types have also increased with just two exceptions with no change in the median sell price of units and a marginal drop (0.7%) in the median sell price of townhouses.
Queenstown Area Sales by Property Type Year-To-Date 2011 comparing 2010
□ Report compares aggregated sales January through May inclusive 2011 v 2010
□ REINZ reported sales. Private sales not included.
|Property Type||2011||2010||Variance +/-|
|Residential Dwellings (RD)||122 sales||112 sales||+8.9%|
|RD Median Sell Price||$565,000||$552,500||+2.2%|
|Apartments (A)||23 sales||21 sales||+9.5%|
|A Median Sell Price||$510,000||$429,000||+8.8%|
|Units (U)||42 sales||39 sales||+7.6%|
|U Median Sell Price||$365,000||$365,000||No change|
|Townhouses (TH)||10 sales||8 sales||+25.0%|
|TH Median Sell Price||$454,000||$457,000||-0.7%|
|Residential Sections (RS)||59 sales||56 sales||+5.3%|
|RS Median Sell Price||$252,000||$247,500||+1.8%|
|Rural (R)||11 sales||9 sales||+22.2%|
|R Median Sell Price||$1,595,000||$1,180,000||+35.1%|
|Total properties Sales||267 sales||245 sales||+8.9%|
|Total Value ($) of sales||$179,024,915||$144,095,723||+24.2%|