Eight for twelve and the 8- months year-to-date 2011 continues to firm
on both sales values and volume comparing 2010 for Queenstown’s property market.
What transpires in the next few months for Queenstown property sales
could well be influenced by lingering fears the euro zone crisis is dragging
the global economy into another recession. Then again a positive and upbeat mindset should our All Blacks go on to win the Rugby World Cup could also come into the mix.
Let’s not forget the country has a General Election on November 26th
just to throw in another event. Governance beyond December will likely
influence our economy medium-term than is likely short-term given key policy (Excuse the pun) has already been rolled out.
In the meantime spring weather has arrived and local realtors are listing properties to provide stock through and into summer and sales continued
to be closed.
Queenstown Property Sales January- August 2011 Inclusive
| Property Type | 2011 | 2010 | Variance +/- |
| Residential Dwellings (RD) | 183 sales | 160 sales | +14.3% |
| RD Median Sell Price | $565,000 | $561,000 | +0.7% |
| Apartments (A) |
41 sales | 44 sales | -6.8% |
| A Median Sell Price |
$510,000 | $422,000 | +20.8% |
| Units (U) | 68 sales | 53 sales | +28.3% |
| U Median Sell Price | $393,500 | $365,000 | -7.8% |
| Townhouses (TH) |
16 sales | 19 sales | -15.7% |
| TH Median Sell Price |
$441,500 | $440,000 | +0.3% |
| Residential Sections (RS) | 96 sales | 75 sales | +28.0% |
| RS Median Sell Price | $259,500 | $240,000 | +8.1% |
| Rural (R) |
15 sales | 17 sales | -11.7% |
| R Median Sell Price |
$1,595,000 | $1,002,500 | +59.1% |
| Total properties Sales | 419 sales | 368 sales | +13.8% |
| Total Value ($) of sales | $267,714,743 | $211,564,473 | +26.5% |
Breakdown of sales January – August 2011
comparing January – August 2010
| Property Type | Jan- Aug 2011 % of total sales | Jan- Aug 2010 % of total sales |
| Residential Dwellings | 43.8% | 43.5% |
| Townhouses | 3.8% | 5.2% |
| Units | 16.3% | 14.4% |
| Apartments | 9.7% | 11.9% |
| Vacant Sections/ Land | 22.9% | 20.4% |
| Rural Lifestyle | 3.5% | 4.6% |
Data Source: REINZ. Private sales data not included.
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 