101% increase is “Up slightly”?

‘Interest in properties up slightly.

Otago Daily Times: 29 Feb, 2012

“The year has got off to a “positive start” in terms of properties, the latest Queenstown Real Estate sales report shows.

Real Estate Institute of New Zealand Queenstown spokesman Kelvin Collins said a 950sqm property at Queenstown Hill sold for $5.25 million, the highest price for a house in the resort for four years. —- “

This headline really doesn’t come close to sharing the full picture as the volume of residential land and home sales January 2012 v 2011 increased this year by 23.5% and the sales value by a massive 60%. There’s absolutely no mention of the REINZ reported rural sales for January 2012 ($9.140m) comparing the poultry $395,000 reported for January 2011.

A quick bit of maths adding the residential and rural sales (all property types) for January this year totals a whopping $38.950M comparing $19.304m reported for January 2011. That’s a not so shabby 101% increase to kick off 2012. ‘Up Slightly’ —- my view clearly differs.

Click to read the full article:

QUEENSTOWN AREA PROPERTY SALES Year-to-Date 2012– January 2012 V 2010

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

Type January 2012 January 2011
Number of sales Residential Dwellings 20 15
Apartments  4    2
Units  8 11
Townhouses  3   2
Sections / Vacant  7   4
Rural Lifestyle  5   1
TOTAL 47 35
Value of sales ($) Dwellings(Excludes Apartments) $25,474,660 $15,584,889
Apartments $1,618,500 $1,365,000
Sections / Vacant $2,717,000 $1,960,000
Rural Lifestyle $9,140,000 $   395,000
TOTAL $38,950,160 $19,304,889
Median Sell Price Dwellings all types $499,000 $485,000
Apartments $402,750 $682,500
Residential Dwellings $644,000 $565,000
Units $282,500 $350,000
Townhouses $424,000 $498,000
Sections / Vacant $315,000 $395,000
Rural Lifestyle $740,000 $395,000
Median days to Sell Dwellings all types(Includes apartments)  50-days  49-days
Residential Sections 365-days 106-days

Data Source: REINZ. Private sales data not included.


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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