Latest Property Sales Data for Queenstown & Year-to-Date Analysis

Clearly there’s a correlation to strengthening visitor numbers to Queenstown and downstream property sales. The latest Commercial Accommodation Monitor (CAM), reports a record-breaking start to the winter holiday season for the resort back in June with an increase of almost 30% in international visitor nights. Queenstown’s total guest nights up 17.7% to 168,430 for June compared with the same period last year and this translated to very good levels of property enquiry across the spectrum by location and price-point. The knock-on-effect was combined land and home sales closed and reported last month at levels not seen since July 2006.

REINZ Institute spokesman for Queenstown Mr Kelvin Collins said “a feature of the last month was good demand for property under $500,000 from first-home buyers. In many cases this led to multiple offers on the same property within a short period of marketing. There was also good buyer interest in cheaper managed apartments for use as winter holiday homes from Australians and northern New Zealand residents.”

Apartment sales by medium sell price for July highlight continued slippage on both sales volumes (YTD -28.9%) and medium sales prices (YTD -5.9%).  July’s medium sell price at $405,000 down from June’s $413,000 could well have eroded further had it not been for two 3- bedroom sales at the highly regarded Rees Hotel, lakeside on Frankton Road ($672,500 and $724,500).

Sales of residential homes ranged from $393,000 to $1, 4220,000 for a home on Queenstown Hill with two further sales north of $1.m located on Tucker Beach Road and eight bedroom property on Frankton Road. Arrowtown (6) and Lake Hayes Estate (5) home sales were to the fore with reported sales for Arrowtown ranging $435,000 – $850,000 and Lake Hayes Estate $501,000 – $615,000 for July.

The push to purchase residential land and get on with spring & summer build projects was clearly evident with a broad range of lots purchased by geo-location including Jack’s Point, St Andrews Park, Fernhill and Bendemeer to name but a few. Year-to-date there’s been a lift in residential land sales of 33.7% comparing the first seven months of 2012. The very marginal regression in the median sell price (2.0%) is most likely as a consequence of buyers researching and buying well at the likes of Jack’s Point.

REINZ Sales data for the foreseeable future will likely directly reflect availability of in particular homes coming to the market for the first time this year in the $450,000 -$650.000 range. Currently there’s excellent buyer enquiry and the traditional push to secure new listings is happening in earnest right now in our office. Make sure you’re the first to be in the know and register for property alerts if you haven’t already.

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

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

Price Band % of Total Sales 2013 % of Total Sales 2012
<$350,000 12.0% 17.5%
  $351,000 – $450,000 15.5% 19.0%
  $451,000 – $650,000 40.5% 29.5%
  $651,000 – $999,000 21.3% 18.0%
  $1.0m – $2.0m   8.0% 10.5%
  $2.0m plus   2.7%   5.5%

Queenstown Area Sales by Property Type Year-to-date

Report Period: January– July 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-July 2013 Jan-July 2012 Variance +/-
Residential Dwellings (RD) 240 sales 188 sales +27.6%
RD Median Sell Price $605,000 $630,000   -3.9%
Apartments (A) 49 sales 69 sales -28.9%
A Median Sell Price $395,000 $420,000   -5.9%
Units (U) 59 sales 53 sales +11.3%
U Median Sell Price $365,000 $327,500 +11.4%
Townhouses (TH) 25 sales 21 sales +19.0%
TH Median Sell Price $435,000 $399,000   +9.0%
Residential Sections (RS) 103 sales 77 sales +33.7%
RS Median Sell Price $245,000 $250,000   -2.0%
Rural (R) 20 sales 17 sales +17.6%
R Median Sell Price $900,000 $850,000   +5.8%
Total properties Sales 496 sales 425 sales +16.7%
Total Value ($) of sales $295,512,000 $271,495,266   +8.8%

 Queenstown Area Sales by Property Type Year-to-date


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

  Type July 2013 June 2013 July 2012
Number of sales Residential Dwellings 32 22 16
  Apartments   7   8  9
  Units   5   9  4
  Townhouses   5   5  3
  Sections / Vacant 13   9 11
  Rural Lifestyle   4   4  2
  TOTAL 66 57 45
Value of sales ($) Dwellings

(Excludes Apartments)

$24,571,063 $25,814,500 $20,482,000
  Apartments $3,638,500 $3,621,000 $2,959,000
  Sections / Vacant $4,094,500 $2,206,700 $2,834,500
  Rural Lifestyle $3,410,000 $2,640,000 $887,500
  TOTAL $35,714,063 $34,282,200 $27,163,000
Median Sell Price Dwellings all types $525,000 $517,500 $563,750
  Apartments $405,000 $413,000 $265,000
  Residential Dwellings $599,000 $777,500 $737,500
  Units $256,000 $365,000 $371,250
  Townhouses $363,000 $450,000 $610,000
  Sections / Vacant $220,000 $245,000 $228,000
  Rural Lifestyle $905,000 $580,000 $443,750
Median days to Sell Dwellings all types

(Includes apartments)

54-days 47-days 70-days
  Residential Sections 130-days 89-days 178-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.





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