Queenstown’s property recovery continues to gain credence with residential sales figures last month reaching a five-year high.
May’s 80 residential sales – 65 houses and apartments plus 15 sections – were the highest REINZ reported monthly figure since October 2007. Factoring in rural lifestyle transactions the sales’ value totalled $55 million.
Nine sales were closed $1m+ including White Shadows estate luxury lodge on Hunter Road which fetched a record price for a Queenstown house of about $7m. A further two home sales in excess of $3m, one at Bendemeer and the other on Lower Shotover Road are worthy of mention.
A pleasing reference was nine home sales reported in the challenging $650,000-$975,000 price band with a wide geo location ranging from Quail Rise, Arrowtown, Old Frankton and the Kelvin Peninsula.
Vacant land sales ranged from $90,000 in Glenorchy to $1.0m for a Millbrook section with sales across a wide range of geo-locations / suburbs as opposed to being dominated by perennial favourites being the likes of Jack’s Point.
Year-to-date the demand for residential dwelling sales continue as the stand out performer both on sales volumes and median sell price comparing the same period 2011. Desktop analysis of demand by price-point for homes, units and townhouse sales (Apartments excluded) again highlights firming demand in the mid-upper price band.
Home, Unit and Townhouse sales January-May 2012:
|Price Band||% of Total Sales|
|$351,000 – $450,000||20.5%|
|$451,000 – $650,000||29.0%|
|$651,000 – $999,000||16.5%|
|$1.0m – $2.0m||11.0%|
Queenstown Area Sales by Property Type Year-to-date
Report Period: January- May 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-May 2012||Jan-May 2011||Variance +/-|
|Residential Dwellings (RD)||151 sales||122 sales||+23.7%|
|RD Median Sell Price||$625,000||$560,000||+11.6%|
|Apartments (A)||49 sales||23 sales||+113.0%|
|A Median Sell Price||$430,000||$510,000||-15.6%|
|Units (U)||41 sales||42 sales||-2.3%|
|U Median Sell Price||$327,500||$360,000||-9.3%|
|Townhouses (TH)||16 sales||10 sales||+60.0%|
|TH Median Sell Price||$390,500||$454,000||-13.9%|
|Residential Sections (RS)||55 sales||59 sales||-6.7%|
|RS Median Sell Price||$255,750||$252,000||+1.5%|
|Rural (R)||15 sales||11 sales||+36.3%|
|R Median Sell Price||$850,000||$1,595,000||-46.7%|
|Total properties Sales||327 sales||267 sales||+22.4%|
|Total Value ($) of sales||$215,951,925||$179,024,915||+20.6%|
QUEENSTOWN AREA PROPERTY SALES: May 2012 v May 2011
Note: Data represents sales reported by REINZ agencies. Private sales not included.
|Type||May 2012||April 2012||May 2011|
|Number of sales||Residential Dwellings||40||31||22|
|Sections / Vacant||15||12||10|
|Value of sales ($)||Dwellings
|Sections / Vacant||$4,412,750||$5,215,000||$ 2,745,500|
|Rural Lifestyle||$1,795,000||$3,995,000||$ 4,872,826|
|Median Sell Price||Dwellings all types||$525,000||$640,000||$ 500,000|
|Residential Dwellings||$622,500||$740,000||$ 509,250|
|Townhouses||$396,500||$399,000 (1)||$ 433,000|
|Sections / Vacant||$235,000||$265,000||$ 259,500|
|Median days to Sell||Dwellings all types
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.