Queenstown Area Property Sales- Market Overview Year-To-Date 2012.


July was a slower month for sales activity in the Queenstown property market with 43 residential land and dwelling property sales being completed. Nevertheless this was an increase of 10 sales comparing the July average spanning the past six years.

Traditionally the availability of new property listings to the market is constrained over winter as property owners hold back to time their run to the market coinciding with spring. This said our office has noticed a lift in recent weeks as sellers seek consultation with us on listing their property for sale.

Sellers have reason to feel optimistic after good property sales for the first seven months of 2102 with a 17% increase comparing the 2011 year. Buyers continue to maintain a course that takes them 360-degrees around available properties in their preferred area and price band and multiple property inspections is par for the course at present.

Demand for sections below the $250,000 price point continues with 11 residential section sales across a wide range of geo-locations from Arthurs Point, Fernhill, Lake Hayes area and Jack’s Point, with the later recording the largest number of sales.

Dwelling sales north of the one million dollars continue, with six sales ranging from $1.1m for a Butel Park home through to $2.99m for a Dalefield rural lifestyle residence.

Our office is currently fielding good enquiry from expat kiwis that continue to follow the market with subsequent sales in a range of property that include off plan inventory and investment rental property.

REINZ Reported sales by price of Queenstown Homes, Units and Townhouses. Year-to-date January- July 2012 comparing 2011.

Price Band % of Total Sales 2012 % of Total Sales 2011
<$350,000 17.5% 15.5%
  $351,000 – $450,000 19.0% 18.5%
  $451,000 – $650,000 29.5% 37.5%
  $651,000 – $999,000 18.0% 15.0%
  $1.0m – $2.0m 10.5% 11.5%
  $2.0m plus   5.5%   2.0%

 

Queenstown Area Sales by Property Type Year-to-date

Report Period: January- July 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-July 2012 Jan-July 2011 Variance +/-
Residential Dwellings (RD) 188 sales 161 sales +16.7%
RD Median Sell Price $630,000 $567,000 +11.1%
Apartments (A) 69 sales 35 sales +97.1%
A Median Sell Price $420,000 $512,500 -18.0%
Units (U) 53 sales 55 sales   -3.6%
U Median Sell Price $327,500 $390,000 -16.0%
Townhouses (TH) 21 sales 13 sales +61.5%
TH Median Sell Price $399,000 $433,000   -7.8%
Residential Sections (RS) 77 sales 86 sales -10.4%
RS Median Sell Price $250,000 $271,000   -7.7%
Rural (R) 17 sales 12 sales +41.6%
R Median Sell Price $850,000 $1,410,000 -39.7%
Total properties Sales 425 sales 362 sales +17.4%
Total Value ($) of sales $271,495,266 $235,341,848 +15.3%

QUEENSTOWN AREA PROPERTY SALES: July 2012 v July 2011

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

  Type June 2012 June 2012 July 2011
Number of sales Residential Dwellings 16 21 16
  Apartments  9 11   6
  Units  4  8 10
  Townhouses  3  2  
  Sections / Vacant 11 11 14
  Rural Lifestyle  2  1  
  TOTAL 45 54 46
Value of sales ($) Dwellings

(Excludes Apartments)

$20,482,000 $19,861.500 $14,073,933
  Apartments $2,959,000 $5,166,500 $4,887,000
  Sections / Vacant $2,834,500 $3,647,341 $5,687,000
  Rural Lifestyle $887,500 $1,275,000
  TOTAL $27,163,000 $29,950,341 $24,647,933
Median Sell Price Dwellings all types $563,750 $500,000 $492,500
  Apartments $265,000 $455,000 $681,000
  Residential Dwellings $737,500 $585,000 $565,000
  Units $371,250 $378,750 $397,716
  Townhouses $610,000 $583,250
  Sections / Vacant $228,000 $320,000 $290,000
  Rural Lifestyle $443,750 $1,275,000 (1)
Median days to Sell Dwellings all types

(Includes apartments)

70-days 81-days 114-days
  Residential Sections 178-days 269-days 136-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.

 

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