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


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.

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