Year to-date the Queenstown’s real estate market continues to track positively with 62 residential sales reported for April compared to the 48 average monthly sales during 2011. The volume of sales transactions at +11.8% highlights this steady growth comparing the first 4-months of 2011 as does the +8.8% increase in the value of sales. A single sale of rural lifestyle blocks at Bendemeer ($11.880M), April 2011 explains the change in both rural lifestyle values and median sell prices comparing reported sales April 2012.
Residential dwellings by median sell price ($630,000) is the standout indicator year-to-date as all other property types have seen regression in their median sell price so far this year.
A feature of the market was eleven residential dwelling sales in excess of $1m, with a further two residential sections and two rural lifestyle properties north of one million dollars.
There has also continued to be good demand for property under $500,000 and as a consequence the range of listings in some locations is tight. Many first home buyers now have access to Kiwisaver to assist achieving deposit thresholds and their intent is to migrate from renting to ownership.
Apartment sales continue to be dominated by Frankton Road addresses and sales prices ranged from $375,000 to $860,000 for a Fernhill apartment.
Sales of residential sections reflected a concentration in the Goldfields area resulting from a tranche of land parcels sold by tender. Jack’s Point land sales continue to be in the mix with four sales in April and a median sell price of $205,000.
Prospective purchasers taking advantage of shoulder season airline deals from Australia and points north in New Zealand ensure a continuum of inspection and information requests as they fact-find.
Queenstown Area Sales by Property Type Year-to-date
Report Period: January- April 2012 comparing 2011
□ Report compares aggregated sales for the calendar year 2012 v 2011
□ REINZ reported sales. Private / Developer direct sales not included.
| Property Type | Jan-April 2012 | Jan-April 2011 | Variance +/- |
| Residential Dwellings (RD) | 111 sales | 100 sales | +11.0% |
| RD Median Sell Price | $630,000 | $577,500 | +9.0% |
| Apartments (A) | 34 sales | 18 sales | +88.0% |
| A Median Sell Price | $472,250 | $517,500 | -8.7% |
| Units (U) | 34 sales | 37 sales | -8.1% |
| U Median Sell Price | $322,500 | $365,000 | -11.6% |
| Townhouses (TH) | 13 sales | 7 sales | +85.0% |
| TH Median Sell Price | $384,500 | $458,000 | -16.0% |
| Residential Sections (RS) | 40 sales | 49 sales | -18.3% |
| RS Median Sell Price | $276,250 | $320,000 | -13.6% |
| Rural (R) | 13 sales | 8 sales | +62.5% |
| R Median Sell Price | $850,000 | $1,410,000 | -39.7% |
| Total properties Sales | 245 sales | 219 sales | +11.8% |
| Total Value ($) of sales | $159,815,176 | $146,840,089 | +8.8% |
QUEENSTOWN AREA PROPERTY SALES: April 2012 v April 2011
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | April 2012 | March 2012 | April 2011 | |
| Number of sales | Residential Dwellings | 31 | 29 | 38 |
| Apartments | 11 | 9 | 6 | |
| Units | 7 | 7 | 10 | |
| Townhouses | 1 | 4 | 3 | |
| Sections / Vacant | 12 | 12 | 15 | |
| Rural Lifestyle | 4 | 2 | 6 | |
| TOTAL | 66 | 63 | 78 | |
| Value of sales ($) | Dwellings
(Excludes Apartments) |
$33,021,500 | $23,202,940 | $38,454,900 |
| Apartments | $6,297,000 | $3,509,000 | $ 3,295,000 | |
| Sections / Vacant | $5,215,000 | $3,937,000 | $ 3,856,500 | |
| Rural Lifestyle | $3,995,000 | $2,850,000 | $16,285,000 | |
| TOTAL | $48,528,500 | $33,498,940 | $61,891,500 | |
| Median Sell Price | Dwellings all types | $640,000 | $445,000 | $520,000 |
| Apartments | $495,000 | $412,500 | $ 505,000 | |
| Residential Dwellings | $740,000 | $551,250 | $ 582,500 | |
| Units | $386,000 | $380,000 | $ 456,000 | |
| Townhouses | $399,000 (1) | $383,270 | $ 450,000 | |
| Sections / Vacant | $265,000 | $230,000 | $ 207,500 | |
| Rural Lifestyle | $1,020,000 | $1,425,000 | $1,225,000 | |
| Median days to Sell | Dwellings all types
(Includes apartments) |
72-days | 66-days | 46-days.
|
| Residential Sections | 54-days | 122-days | 42-days.
|
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 