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|
|$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%|
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||$327,235,243||+13.7%|
QUEENSTOWN AREA PROPERTY SALES: October 2012 v October 2011
Note: Data represents sales reported by REINZ agencies. Private sales not included.
|Type||Oct 2012||Sept 2012||Oct 2011|
|Number of sales||Residential Dwellings||28||24||15|
|Sections / Vacant||12||9||9|
|Value of sales ($)||Dwellings
|Sections / Vacant||$5,848,000||$3,657,500||$5,335,000|
|Median Sell Price||Dwellings all types||$517,000||$575,750||$475,000|
|Sections / Vacant||$292,000||$290,000||$555,000|
|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.
Our customers that purchased where do they come from?
Snapshot year-to-date January-October 2012
|Locations customers National||17%|