Queenstown Area Property Sales Year-To-Date 2012.


The latest sales data for October across the Queenstown area records improved sales volumes comparing October 2011. Spring 2011 we were knee deep in politics and sport with the New Zealand General Elections and Rugby World Cup 2011 and both for varying reasons played their part to soften traditional spring buyer demand.

Fast forward to October 2012 and sales have returned to normal demand patterns most noticeable for first home and rental investment properties sub $450,000 which continue to dominate sales (20 sales) representing 44.4% of all sales for October.

Ironically right at the cusp of the first release of 54 residential sections within the Shotover Country Estate ranging from 550sqm -2940sqm (Priced from $174K -$199K) there’s been a flurry of activity and sales of both homes and sections within the neighbouring Lake Hayes Residential subdivision.

Buyer demand for sections remains solid with the recently competed stage of the Evening Star subdivision sold out and across the Wakatipu Basin at the foot of The Remarkables first home and spec builders are very active eyeing opportunities at Jack’s Point. The slump in the median sell price for residential land from $555,000 October 2011 to $292,000 last month can be attributed to three sales last year well above the norm at $800K (Wye Creek), $900K and $1.270m both at Millbrook.

With a total 585 residential sales for the 10-months of 2012 this tally already surpasses the full 12-month sales of 2010 (557) and 2011 (582 sales). It’s expected that with November and December sales this calendar year will come close to matching the 2009 year which tapped out 679 sales.

REINZ Reported sales by price of Queenstown Homes, Units and Townhouses.

Year-to-date January- October 2012 comparing 2011.

Price Band % of Total Sales 2012 % of Total Sales 2011
<$350,000 18.75% 17.5%
  $351,000 – $450,000 20.75% 20.0%
  $451,000 – $650,000 30.50% 32.5%
  $651,000 – $999,000 17.0% 17.75%
  $1.0m – $2.0m 9.25% 10.25%
  $2.0m plus 3.75% 2.0%

Queenstown Area Sales by Property Type Year-to-date

Report Period: January- October 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-Oct 2012 Jan-Oct 2011 Variance +/-
Residential Dwellings (RD) 274 sales 224 sales +22.3%
RD Median Sell Price $607,000 $582,500   +4.2%
Apartments (A) 84 sales 52 sales +61.5%
A Median Sell Price $400,000 $495,000 -19.1%
Units (U) 81 sales 81 sales No change
U Median Sell Price $338,000 $390,000 -13.3%
Townhouses (TH) 29 sales 21 sales +38.1%
TH Median Sell Price $400,000 $388,000   +3.0%
Residential Sections (RS) 117 sales 117 sales No change
RS Median Sell Price $240,000 $280,000 -14.2%
Rural (R) 25 sales 22 sales +13.6%
R Median Sell Price $850,000 $1,162,500 -26.8%
Total properties Sales 610 sales 517 sales +17.9%
Total Value ($) of sales $372,090,416 $327,235,243 +13.7%

QUEENSTOWN AREA PROPERTY SALES: October 2012 v October 2011

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

  Type Oct 2012 Sept 2012 Oct 2011
Number of sales Residential Dwellings 28 24 15
  Apartments   4   7   7
  Units 11   7 10
  Townhouses   2   4   1
  Sections / Vacant 12   9   9
  Rural Lifestyle   2   4   3
  TOTAL 59 55 45
Value of sales ($) Dwellings

(Excludes Apartments)

$22,626,400 $24,658,500 $15,182,700
  Apartments $1,830,000 $3,132,750 $3,373,000
  Sections / Vacant $5,848,000 $3,657,500 $5,335,000
  Rural Lifestyle $1,640,000 $3,390,000 $2,215,000
  TOTAL $31,944,400 $34,838,750 $26,105,700
Median Sell Price Dwellings all types $517,000 $575,750 $475,000
  Apartments $482,500 $450,000 $370,000
  Residential Dwellings $588,000 $625,000 $770,000
  Units $355,000 $407,500 $362,000
  Townhouses $398,500 $950,000 $387,000
  Sections / Vacant $292,000 $290,000 $555,000
  Rural Lifestyle $820,000 $860,000 $465,000
Median days to Sell Dwellings all types

(Includes apartments)

55-days 41-days 80-days
  Residential Sections 97-days 193-days 189-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.

Our customers that purchased where do they come from?

Snapshot year-to-date January-October 2012

Locations customers-Local 56%
Locations customers-Regional 13%
Locations customers National 17%
Locations customers-International 14%

 

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