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|
|$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%|
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||$235,341,848||+15.3%|
QUEENSTOWN AREA PROPERTY SALES: July 2012 v July 2011
Note: Data represents sales reported by REINZ agencies. Private sales not included.
|Type||June 2012||June 2012||July 2011|
|Number of sales||Residential Dwellings||16||21||16|
|Sections / Vacant||11||11||14|
|Value of sales ($)||Dwellings
|Sections / Vacant||$2,834,500||$3,647,341||$5,687,000|
|Median Sell Price||Dwellings all types||$563,750||$500,000||$492,500|
|Sections / Vacant||$228,000||$320,000||$290,000|
|Rural Lifestyle||$443,750||$1,275,000 (1)|
|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.