Latest Queenstown Area Property Sales


Sharing views on January sales data is almost never going to reflect commentary reporting huge sales volumes.  With 49 sales January 2013 (47 in 2012) these properties were unconditionally sold as a consequence of negotiations spanning multiple months and then there’s other dealings that for practical reasons didn’t finalise during holiday breaks and get carried over to be reported in February.

It’s prudent to wait and see what trends emerge in the first quarter before signalling that the market lift late 2012 has carried over into this year. The best insight as to our current buyer / seller market is simply state all of our sales team are active with pre-qualified buyers at all price points, geo- locations and property types with the exception of managed apartments. All Locations vendor properties for sale by auction year-to-date have sold at or prior to the date of auction with multiple bidders competing for ownership.

Buyers are clearly sorting finance and clarifying their capacity and capabilities before offering on properties. Presenting the most enticing offer price and purchasers being frugal yet prudent in not loading agreements with cumbersome Further Terms of Sale has clearly resonated positively with vendors. Multiple offers on homes at sort after addresses that buyers assess as priced competitively is here to stay throughout 2013.

Upscale rural lifestyle residences are selling at improving close rates as expat kiwis and buyers from offshore make their move. The Year of The Dragon (Chinese zodiac dragon for 2013) was celebrated with an explosion of Chinese visitors to the resort earlier in the month with daily fact-finding first time visitors keen to be informed on Queenstown property market. The level of interest went well beyond cursory information gathering with fast paced negotiations seeing sales closed at levels that even took our team by surprise.

REINZ Reported residential sales analysis by sell price

Price band for home, apartment, unit and townhouse sales % of Total Sales January 2013 Price band for residential section sales % of Total Sales January 2013
<$350,000   8.9% <$199,000 46.3%
  $351,000 – $450,000 17.6%   $200,000 – $299,000 23.0%
  $451,000 – $650,000 47.0%   $300,000 – $599,000   7.6%
  $651,000 – $999,000  14.7%   $600,000 – $999,000 15.5%
  $1.0m – $2.0m    8.9%   $1.0m plus   7.6%
  $2.0m plus    2.9%    

Queenstown Area Sales by Property Type Year-to-date

QUEENSTOWN AREA PROPERTY SALES: January 2013 v January 2012

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

  Type Jan 2013 Dec 2012 Jan 2012
Number of sales Residential Dwellings 23 38 20
  Apartments  3   4  4
  Units  7   9  8
  Townhouses  1   4  3
  Sections / Vacant 13 23  7
  Rural Lifestyle  2   5  5
  TOTAL 49 83 47
Value of sales ($) Dwellings

(Excludes Apartments)

$20,075,500 $38,784,500 $25,474,660
  Apartments $1,360,000 $1,990,000 $1,618,500
  Sections / Vacant $5,364,957 $8,223,000 $2,717,000
  Rural Lifestyle $1,175,000 $5,190,000 $9,140,000
  TOTAL $28,562,957 $54,187,500 $38,950,160
Median Sell Price Dwellings all types $562,500 $568,000 $499,000
  Apartments $400,000 $497,500 $402,750
  Residential Dwellings $580,000 $678,500 $644,000
  Units $355,000 $440,000 $282,500
  Townhouses $373,000 $410,500 $424,000
  Sections / Vacant $210,500 $236,000 $315,000
  Rural Lifestyle $587,500 $425,000 $740,000
Median days to Sell Dwellings all types

(Includes apartments)

57-days 49-days 50-days
  Residential Sections 147-days 36-days 465-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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