Residential home sales in April although down on volume comparing March; the flipside was a lift in the median sell price to $605,000 as a consequence of four sales last month above $1.95m. Millbrook lifestyle properties accounting for three of these sales along with a $2m home on Frankton Road. With a healthy 34 home sales reported for April, buyer demand was representative of a wide range of street, suburb and geo locations.
Apartment sales year-to-date are tracking well behind 2012 (-26.4%) as is the median sell price having declined in 2012 from $472,250 to $395,000 for the first four months of 2013. This regression would have been more pronounced had it not been for a $1.1m sale on Queenstown Hill and $1.9m Aspen Grove apartment sale reported in April’s sales stats.
With a 57% increase in section sales in the first four months of this year comparing 2012 the median sell price at $270,000 was bolstered by two adjoining sections on Queenstown Hill selling for a combined value of $1.8m and a Millbrook lifestyle lot at $1.2m reported last month.
Not that there’s any preoccupation with one-million dollars sales it’s worth to note buyer confidence is marginally up with a total 33 sales residential homes, apartments, townhouses and sections this year comparing 29 for the same period 2012.
Investment holiday style properties not encumbered by management agreements remain in solid demand especially sub-$700,000 and standalone homes $450K-$650K continue to be the property of choice for many buyers.
REINZ Reported sales by price of Queenstown Homes, Units and Townhouses.
Year-to-date January –April 2013 comparing 2012.
| Price Band | % of Total Sales 2013 | % of Total Sales 2012 |
| <$350,000 | 11.6% | 20.9% |
| $351,000 – $450,000 | 17.0% | 20.9% |
| $451,000 – $650,000 | 41.2% | 25.9% |
| $651,000 – $999,000 | 18.0% | 16.5% |
| $1.0m – $2.0m | 8.5% | 11.4% |
| $2.0m plus | 3.7% | 4.4% |
Queenstown Area Sales by Property Type Year-to-date
Report Period: January– April 2013 comparing 2012.
□ Report compares aggregated sales for the calendar year 2013 v 2012
□ REINZ reported sales. Private / Developer direct sales not included.
| Property Type | Jan-Apr 2013 | Jan-Apr 2012 | Variance +/- |
| Residential Dwellings (RD) | 143 sales | 111 sales | +28.8% |
| RD Median Sell Price | $585,000 | $630,000 | -7.1% |
| Apartments (A) | 25 sales | 34 sales | -26.4% |
| A Median Sell Price | $395,000 | $472,250 | -16.4% |
| Units (U) | 36 sales | 34 sales | +5.8% |
| U Median Sell Price | $377,500 | $322,500 | +17.0% |
| Townhouses (TH) | 10 sales | 13 sales | -23.0% |
| TH Median Sell Price | $457,500 | $384,500 | +18.9% |
| Residential Sections (RS) | 63 sales | 40 sales | +57.5% |
| RS Median Sell Price | $270,000 | $276,250 | -2.2% |
| Rural (R) | 7 sales | 13 sales | -46.1% |
| R Median Sell Price | $700,000 | $850,000 | -17.6% |
| Total properties Sales | 284 sales | 245 sales | +15.9% |
| Total Value ($) of sales | $171,349,037 | $159,815,176 | +7.2% |
Queenstown Area Sales by Property Type Year-to-date
QUEENSTOWN AREA PROPERTY SALES: April 2013 v April 2012
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | Apr 2013 | Mar 2013 | Apr 2012 | |
| Number of sales | Residential Dwellings | 34 | 40 | 31 |
| Apartments | 8 | 10 | 11 | |
| Units | 12 | 10 | 7 | |
| Townhouses | 4 | 1 | 1 | |
| Sections / Vacant | 13 | 15 | 12 | |
| Rural Lifestyle | 1 | 3 | 4 | |
| TOTAL | 72 | 79 | 66 | |
| Value of sales ($) | Dwellings
(Excludes Apartments) |
$33,539,930 | $35,913,150 | $33,021,500 |
| Apartments | $4,987,000 | $4,593,000 | $6,297,000 | |
| Sections / Vacant | $5,804,000 | $5,670,050 | $5,215,000 | |
| Rural Lifestyle | $1,450,000 | $2,367,000 | $3,995,000 | |
| TOTAL | $45,780,930 | $48,543,200 | $48,528,500 | |
| Median Sell Price | Dwellings all types | $586,000 | $546,000 | $640,000 |
| Apartments | $420,000 | $332,500 | $495,000 | |
| Residential Dwellings | $605,000 | $595,000 | $740,000 | |
| Units | $372,500 | $295,000 | $386,000 | |
| Townhouses | $501,500 | $495,000 (1) | $399,000 (1) | |
| Sections / Vacant | $300,000 | $275,000 | $265,000 | |
| Rural Lifestyle | $1,450,000 (1) | $900,000 | $1,020,000 | |
| Median days to Sell | Dwellings all types
(Includes apartments) |
50-days | 43-days | 72-days |
| Residential Sections | 85-days | 124-days | 54-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 purchaser clients & where do they come from?
Snapshot of the past 12 months May 2012–April 2013
| Locations customers-Local | 59% |
| Locations customers-Regional | 12% |
| Locations customers National | 15% |
| Locations customers-International | 14% |
