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 | $271,495,266 | +8.8% |
Queenstown Area Sales by Property Type Year-to-date
QUEENSTOWN AREA PROPERTY SALES: July 2013 v July 2012
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | July 2013 | June 2013 | July 2012 | |
| Number of sales | Residential Dwellings | 32 | 22 | 16 |
| Apartments | 7 | 8 | 9 | |
| Units | 5 | 9 | 4 | |
| Townhouses | 5 | 5 | 3 | |
| Sections / Vacant | 13 | 9 | 11 | |
| Rural Lifestyle | 4 | 4 | 2 | |
| TOTAL | 66 | 57 | 45 | |
| Value of sales ($) | 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.
Steve Lindsay 