February traditionally yields strong buyer enquiry and last month was no exception. REINZ reported sales increased +27% for the number of transactions and by +7.5% by the value of sales February 2012 comparing 2011.
Apartment sales last month doubled with a good spread of addresses beyond the usual concentration on Frankton Rd to include Thompson, Kent and Dublin Streets.
Residential dwelling sales increased +29% over February 2011 with seven sales north of $1.0M. There was a wide geo-locational spread of sales across a wide range of addresses which is encouraging.
Whilst there was a lift in the number of unit sales 83% of the sales were sub- $340,000 reflecting continuing presence from the pre-approved first home buyer sector of the market.
Residential section sales declined this year, however reflecting on Feb 2011 there was a ‘silent auction’ sell-down of lots at Jack’s Point which lifted sales that month. This shared, February 2012 there were four REINZ land sales at Jack’s Point with a median sell price of $216,750.00. Other land sales were located at Bobs Cove and Queenstown Hill with a premium residential section selling via our office at Pinnacle Place ‘The Peak’ for $1.075m.
QUEENSTOWN AREA PROPERTY SALES February 2012 V 2011
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | February 2012 | February 2011 | |
| Number of sales | Residential Dwellings | 31 | 24 |
| Apartments | 11 | 5 | |
| Units | 12 | 7 | |
| Townhouses | 5 | 2 | |
| Sections / Vacant | 9 | 15 | |
| Rural Lifestyle | 1 | 1 | |
| TOTAL | 69 | 54 | |
| Value of sales ($) | Dwellings(Excludes Apartments) | $29,463,576 | $24,358,500 |
| Apartments | $4,590,500 | $3,312,000 | |
| Sections / Vacant | $3,543,500 | $6,639,000 | |
| Rural Lifestyle | $1,250,000 | $1,800,000 | |
| TOTAL | $38,847,576 | $36,109,500 | |
| Median Sell Price | Dwellings all types | $515,000 | $570,000 |
| Apartments | $515,000 | $495,000 | |
| Residential Dwellings | $605,000 | $710,000 | |
| Units | $322,500 | $350,000 | |
| Townhouses | $378,000 | $912,000 | |
| Sections / Vacant | $265,000 | $395,000 | |
| Rural Lifestyle | $1,250,000 (1) | $1,800,000 (1) | |
| Median days to Sell | Dwellings all types(Includes apartments) | 48-days | 64-days |
| Residential Sections | 56-days | 64-days |
Queenstown Area Sales by Property Type Jan & Feb 2012 year comparing 2011
□ Report compares aggregated sales for the first two months of 2012 v 2011
□ REINZ reported sales. Private / Developer direct sales not included.
| Property Type | Jan & Feb 12 | Jan & Feb 11 | Variance +/- |
| Residential Dwellings (RD) | 51 sales | 39 sales | +30.7% |
| RD Median Sell Price | $620,000 | $575,000 | -7.2% |
| Apartments (A) | 15 sales | 7 sales | +114.0% |
| A Median Sell Price | $499,000 | $495,000 | +0.8% |
| Units (U) | 20 sales | 18 sales | +11.1% |
| U Median Sell Price | $315,000 | $345,000 | -8.7% |
| Townhouses (TH) | 8 sales | 4 sales | +100% |
| TH Median Sell Price | $389,000 | $588,500 | -33.9% |
| Residential Sections (RS) | 16 sales | 19 sales | -15.7% |
| RS Median Sell Price | $307,500 | $395,000 | -22.7% |
| Rural (R) | 6 sales | 2 sales | +200% |
| R Median Sell Price | $995,000 | $1,172,500 | -15.7% |
| Total properties Sales | 116 sales | 89 sales | +30.3% |
| Total Value ($) of sales | $77,797,736 | $55, 564,389 | +40 |
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 