The fact we are amidst a ‘balanced’ phase in Queenstown’s property cycle is clearly evidenced in the lift of dwelling sales in the once challenging $650K-$1.0m price band. This is further highlighted as 60.6% of all dwelling sales (excluding apartments) for the first half of 2013 were in the sell band $450,000-$1m up from 47.3% in the corresponding period 2012.
The focus has long shifted from rampant sales of managed apartments that once rolled off the production line prior to 2007. Apartment sales by volume and median sell price are showing regression in their trend lines. New entrants to this sector of the market e.g. 22 Hallenstein have strategically responded to demand offering apartments unencumbered by management agreements. Two notable apartment sales last month were reported in the Kawarau Village with a 2-bedroom sale at $462,000 as well as a 4-bedroom apartment closing at $700,000.
Three residential home sales achieved sell prices above $1m last month on Cotter Ave, Millbrook and the Gibbston Valley with two sales north of $2m reported at Millbrook and on Queenstown Hill.
Residential land sales continue a good pace with four of the nine section sales for June at Jack’s Point ranging in price from $183,700-$245,000. The final sell down of lots at Threepwood bordering Lake Hayes is imminent with all lots accessed of the Ladies Mile now sold. Remaining purchase opportunities include the cornerstone redevelopment of the character Homestead as well four Slopehill lots ranging in size from 2,200-9,000sqm with a selling range $495,000-$575,000.
July heralds Australian and New Zealand school holiday makers dominating the streetscape and ski fields and buyer enquiry knows no bounds from luxury locations and prices to match as well as interest in new townhouse style property and vacant land. Whether or not all the inspections and offers translate closed sales to be reported next month only time will tell.
REINZ Reported sales by price of Queenstown Homes, Units and Townhouses.
Year-to-date January –June 2013 comparing 2012.
| Price Band | % of Total Sales 2013 | % of Total Sales 2012 |
| <$350,000 | 11.8% | 18.0% |
| $351,000 – $450,000 | 16.3% | 19.6% |
| $451,000 – $650,000 | 39.0% | 29.8% |
| $651,000 – $999,000 | 21.6% | 17.5% |
| $1.0m – $2.0m | 7.8% | 10.0% |
| $2.0m plus | 3.5% | 5.1% |
Queenstown Area Sales by Property Type Year-to-date
Report Period: January– June 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-June 2013 | Jan-June 2012 | Variance +/- |
| Residential Dwellings (RD) | 208 sales | 172 sales | +20.9% |
| RD Median Sell Price | $605,500 | $620,000 | -2.3% |
| Apartments (A) | 42 sales | 60 sales | -30.0% |
| A Median Sell Price | $387,500 | $432,500 | -10.4% |
| Units (U) | 54 sales | 49 sales | +10.2% |
| U Median Sell Price | $377,500 | $327,500 | +15.2% |
| Townhouses (TH) | 20 sales | 18 sales | +11.1% |
| TH Median Sell Price | $467,500 | $390,500 | +19.7% |
| Residential Sections (RS) | 90 sales | 66 sales | +36.3% |
| RS Median Sell Price | $245,000 | $260,375 | -5.9% |
| Rural (R) | 16 sales | 15 sales | +6.6% |
| R Median Sell Price | $800,000 | $995,000 | -19.6% |
| Total properties Sales | 430 sales | 380 sales | +13.1% |
| Total Value ($) of sales | $259,797,937 | $245,062,266 | +6.0% |
Queenstown Area Sales by Property Type Year-to-date
QUEENSTOWN AREA PROPERTY SALES: June 2013 v June 2012
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | June 2013 | May 2013 | June 2012 | |
| Number of sales | Residential Dwellings | 22 | 43 | 21 |
| Apartments | 8 | 9 | 11 | |
| Units | 9 | 9 | 8 | |
| Townhouses | 5 | 5 | 2 | |
| Sections / Vacant | 9 | 18 | 11 | |
| Rural Lifestyle | 4 | 4 | 1 | |
| TOTAL | 57 | 88 | 54 | |
| Value of sales ($) | Dwellings
(Excludes Apartments) |
$25,814,500 | $43,892,700 | $19,861.500 |
| Apartments | $3,621,000 | $3,909,000 | $5,166,500 | |
| Sections / Vacant | $2,206,700 | $7,646,500 | $3,647,341 | |
| Rural Lifestyle | $2,640,000 | $4,805,000 | $1,275,000 | |
| TOTAL | $34,282,200 | $52,606,700 | $29,950,341 | |
| Median Sell Price | Dwellings all types | $517,500 | $568,250 | $500,000 |
| Apartments | $413,000 | $381,000 | $455,000 | |
| Residential Dwellings | $777,500 | $615,000 | $585,000 | |
| Units | $365,000 | $472,000 | $378,750 | |
| Townhouses | $450,000 | $615,000 | $583,250 | |
| Sections / Vacant | $245,000 | $270,000 | $320,000 | |
| Rural Lifestyle | $580,000 | $1,315,000 | $1,275,000 (1) | |
| Median days to Sell | Dwellings all types
(Includes apartments) |
47-days | 91-days | 81-days |
| Residential Sections | 89-days | 169-days | 269-days |
Our customers that purchased where do they come from?
Snapshot of the past 12 months July 2012–June 2013
| Locations customers-Local | 57.6% |
| Locations customers-Regional | 10.4% |
| Locations customers National | 16.8% |
| Locations customers-International | 15.2% |
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.
Steve Lindsay 