Latest Queenstown Area Property Sales Year-to-Date 2013.


Financial commentators suggest the Reserve Bank is likely to hold the interest driving official cash rate at the record low 2.5% until March next year and if housing market and credit demand pressures intensified further, there was a possibility the Reserve Bank would use macro-prudential tools, such as implementing loan-to-value ratios, during the next year.

Now back from the future at the ‘coal face’ and the reality is the Queenstown area with 84 REINZ reported sales for February is at levels not reported since autumn 2007.

Stand-alone residential dwellings and sections remain star performers with the number of home sales for the first two months of 2013 increasing 38% comparing same time last year and sections 106%. The $450,000-$650,000 price band for homes, unit and townhouse sales is the key mover with these three property types and even the once challenging $650K-$1.0m selling price range now showing signs of improved activity.

There were ten home and sections sales within Lake Hayes Estate/ Hayes Creek last month and the other notable performer in February was Jack’s Point with eight home and land sales reported. Languishing apartment sales is a continuing trend with both sales volumes matched by further regression on the median sell price achieved.

Eight sales comprising four homes and four landholdings including one strategically located development site above the Lake Esplanade were reported sales above $1.0m for February.

Our office reports both owner occupiers and investors going head to head competing to have their name on the land Title. First home buyers with pre-approved finance are to the fore and those without are at a disadvantage amidst a simmering Queenstown property market.

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

Year-to-date January & February 2013 comparing 2012.

Price Band % of Total Sales 2013 % of Total Sales 2012
<$350,000   7.9% 28.2%
  $351,000 – $450,000 13.6% 16.6%
  $451,000 – $650,000 52.2% 28.2%
  $651,000 – $999,000 17.0% 14.2%
  $1.0m – $2.0m   6.9% 10.3%
  $2.0m plus   2.4%   2.5%

Queenstown Area Sales by Property Type Year-to-date

Report Period: January & February 2013 comparing 2012.

□ Report compares aggregated sales for the calendar year 2012 v 2011

□ REINZ reported sales. Private / Developer direct sales not included.

Property Type Jan-Feb 2013 Jan-Feb 2012 Variance +/-
Residential Dwellings (RD) 69 sales 50 sales   +38.0%
RD Median Sell Price $567,500 $620,000      -8.5%
Apartments (A) 7 sales 15 sales     -53.4%
A Median Sell Price $400,000 $499,000    – 20.0%
Units (U) 14 sales 20 sales    -30.0%
U Median Sell Price $435,500 $315,000    +38.0%
Townhouses (TH) 5 sales 8 sales    -37.5%
TH Median Sell Price $420,000 $389,000     +7.9%
Residential Sections (RS) 35 sales 17 sales   +106%
RS Median Sell Price $230,000 $315,000    -27.0%
Rural (R) 2 sales 5 sales    -60.0%
R Median Sell Price $575,000 $740,000    -22.3%
Total properties Sales 132 sales 115 sales    +14.7%
Total Value ($) of sales $76,359,907 $69,649,736      +9.6%

 Queenstown Area Sales by Property Type Year-to-date

QUEENSTOWN AREA PROPERTY SALES: February 2013 v February 2012

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

  Type Feb 2013 Jan 2013 Feb 2012
Number of sales Residential Dwellings 46 23 31
  Apartments   4  3 11
  Units   7  7 12
  Townhouses   4  1  5
  Sections / Vacant 22 13 10
  Rural Lifestyle   1  2   1
  TOTAL 84 49 70
Value of sales ($) Dwellings

(Excludes Apartments)

$34,439,650 $20,075,500 $28,613,576
  Apartments $1,472,000 $1,360,000 $4,590,500
  Sections / Vacant $12,497,800 $5,364,957 $4,393,500
  Rural Lifestyle $640,000 (1) $1,175,000 $1,250,000 (1)
  TOTAL $49,049,450 $28,562,957 $38,847,576
Median Sell Price Dwellings all types $540,000 $562,500 $517,500
  Apartments $295,000 $400,000 $512,500
  Residential Dwellings $558,000 $580,000 $605,000
  Units $475,000 $355,000 $322,500
  Townhouses $510,000 $373,000 $378,000
  Sections / Vacant $262,500 $210,500 $337,500
  Rural Lifestyle $640,000 (1) $587,500 $1,250,000 (1)
Median days to Sell Dwellings all types

(Includes apartments)

-days 57-days -days
  Residential Sections -days 147-days -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 of the past 12 months Mar 2012–Feb 2013

Locations customers-Local 55%
Locations customers-Regional 14%
Locations customers National 16%
Locations customers-International 15%

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s