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


Auckland and Canterbury continue to underpin accelerating median house prices, but Queenstown recorded one of the highest national median prices nationwide at $568,250 in the latest REINZ data released for May.

Year-to-date in Queenstown sales of homes, units and townhouses  within the $451,000-$650,000 sell band dominate the streetscape at 61.8% compared to 44.8% of sales in the same five months of 2012.

This was punctuated by strong buyer demand clearly evident at both Lake Hayes Estate and the neighbouring Hayes Creek residential subdivision with nine sales home sales ranging $478K-$740K last month. Arthurs Point a perennial favourite address with buyers at this time of year also featured prominently in the sales data.

The 7714 houses sold across the country in May; the most sold in that month in six years, and up 7.5% on May last year, according to Real Estate Institute of New Zealand. A seller’s market abounds nationally, with 18 of 19 regions around the country showing housing stock inventories well below long-term averages. For the second month this year, more than 400 homes with values of more than $1 million each changed hands with Queenstown’s contribution to this number six sales  in May.

To ‘cherry pick’ a couple of highlights a vacant section on an elevated terrace comprising 4,037sqm on the Kelvin Peninsula traded ownership at $1.45m. Two landholdings at Jack’s Point broke through the $300K price point with a neighbourhood-5 lot on Orford Drive lot selling at $310,000 and 2,302sqm of vacant land on Big Valley Drive (Neighbourhood-6) exchanging ownership at $340,000.

Talking Jack’s Point it’s timely to note all-bar-one (also under offer) of the Fletcher Living homes have now be sold down which begs the question where the next tranche of homes $700K-$785,000 at Jack’s Point are going to come from to satisfy buyer demand.

Our sales team have stepped back from making trend assumptions on our inventory by price, location and or property type as properties that may have languished with soft enquiry one month could well be subject to multiple enquiries, offers and closed transactions.

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

Year-to-date January –May 2013 comparing 2012.

Price Band % of Total Sales 2013 % of Total Sales 2012
<$350,000 11.0% 18.3%
  $351,000 – $450,000 16.2% 20.7%
  $451,000 – $650,000 41.1% 28.9%
  $651,000 – $999,000 20.7% 15.9%
  $1.0m – $2.0m   7.8% 11.0%
  $2.0m plus   3.2%   5.2%

Queenstown Area Sales by Property Type Year-to-date

Report Period: January– May 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-May 2013 Jan-May 2012 Variance +/-
Residential Dwellings (RD) 186 sales 151 sales +23.1%
RD Median Sell Price $591,500 $625,000   -5.3%
Apartments (A) 34 sales 49 sales -30.6%
A Median Sell Price $383,000 $430,000 -10.9%
Units (U) 45 sales 41 sales  +9.7%
U Median Sell Price $385,000 $327,500 +17.5%
Townhouses (TH) 15 sales 16 sales   -6.2%
TH Median Sell Price $495,000 $390,500 +26.7%
Residential Sections (RS) 81 sales 55 sales +47.2%
RS Median Sell Price $270,000 $255,750   +5.5%
Rural (R) 11 sales 15 sales -26.6%
R Median Sell Price $900,000 $850,000   +5.8%
Total properties Sales 372 sales 327 sales +13.7%
Total Value ($) of sales $223,955,737 $215,951,925   +3.7%

 Queenstown Area Sales by Property Type Year-to-date

QUEENSTOWN AREA PROPERTY SALES: May 2013 v May 2012

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

  Type Apr 2013 Apr 2013 May 2012
Number of sales Residential Dwellings 43 34 40
  Apartments   9   8 15
  Units   9 12   7
  Townhouses   5   4   3
  Sections / Vacant 18 13 15
  Rural Lifestyle   4   1   2
  TOTAL 88 72 82
Value of sales ($) Dwellings

(Excludes Apartments)

$43,892,700 $33,539,930 $44,022,000
  Apartments $3,909,000 $4,987,000 $5,176,999
  Sections / Vacant $7,646,500 $5,804,000 $4,412,750
  Rural Lifestyle $4,805,000 $1,450,000 $1,795,000
  TOTAL $52,606,700 $45,780,930 $55,406,749
Median Sell Price Dwellings all types $568,250 $586,000 $525,000
  Apartments $381,000 $420,000 $370,000
  Residential Dwellings $615,000 $605,000 $622,500
  Units $472,000 $372,500 $417,500
  Townhouses $615,000 $501,500 $396,500
  Sections / Vacant $270,000 $300,000 $235,000
  Rural Lifestyle $1,315,000 $1,450,000 (1) $897,500
Median days to Sell Dwellings all types

(Includes apartments)

91-days 50-days 48-days
  Residential Sections 169-days 85-days 69-days

Our customers that purchased where do they come from?

Snapshot of the past 12 months June 2012–May 2013

Locations customers-Local 58.0%
Locations customers-Regional 10.5%
Locations customers National 16.0%
Locations customers-International 15.5%

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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