Last quarter property sales start a tad slow in Queenstown with some interesting results


The Real Estate Industry New Zealand (REINZ) October 2011 sales statistics for Queenstown reflect a decline in both the volume (-11.5%) and value of sales (-18.6%) from the month before.

It’s a rare occasion when the median sell price of residential sections ($555,000) out performs the median sell price comparing dwellings all types ($475,000). This anomaly was a consequence of high value section sales at Wye Creek ($820K) and Millbrook Resort ($900K & $1.27m).

This jump in the median sell price of residential dwellings at $770,000 reflects six sales in the challenging  $650K- $900K price band along with a further three sales north of one million dollars.

Greg Ross, Director, Locations Realty Ltd said:  “As usual, the market has been waiting for the outcome of the November General Election, which will give property purchaser’s confidence going forward.  We expect, therefore, that the lead up to Christmas will stimulate sales activity.

“Currently there seems to be a lot of ‘pre-approved mortgage buyers’ waiting for their chance to pounce on sensibly priced properties or motivated sellers.

“It seems with the World’s current financial uncertainties there is a lot of cash swilling around in the system looking for a safe haven.  We have experienced this before and Queenstown certainly offers great opportunities for those that believe in Queenstown as a truly international tourist destination.”

QUEENSTOWN AREA PROPERTY SALES – October 2011

Note: Data represents sales reported by REINZ agencies. Private sales not included.

Type October 2011 September 2011 August 2011
Number of sales Residential Dwellings 15 26 22
Apartments   7   4   6
Units 10   3 13
Townhouses   1   4   3
Sections / Vacant   9 12 10
Rural Lifestyle   4   3   3
TOTAL 46 52 57
Value of sales ($) Dwellings(Excludes Apartments) $15,182,700 $22,699,300 $20,379,395
Apartments $3,373,000 $2,282,500 $2,415,500
Sections / Vacant $5,335,000 $5,523,000 $3,948,000
Rural Lifestyle $2,815,000 $2,310,000 $5,630,000
TOTAL $26,705,700 $32,814,800 $32,372,895
Median Sell Price Dwellings all types $475,000 $539,000 $495,000
Apartments $370,000 $429,750 $442,500
Residential Dwellings $770,000 $655,000 $567,500
Units $362,000 $305,000 $415,000
Townhouses $387,000 $361,500 $604,000
Sections / Vacant $555,000 $405,500 $222,500
Rural Lifestyle $532,500 $760,000 $1,550,000
Median days to Sell Dwellings all types(Includes apartments) 80-days 66-days 74-days
Residential Sections 189-days 56-days 149-day 

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.

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