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

Spring fever not quite with September property sales for Queenstown the lowest since January with the relatively modest 39-residential dwelling sales and 14-residential section transactions reported last month.  These sales with supplemented by a further three rural lifestyle property sales bringing the total to 56 reported sales for the month.

Competition for unit style property often popular with first home buyers ( a consequence of on average lower list price points) was evident with a lift in the median sell price from $399,400 the month earlier in August to Septembers median if $414,500. This said three sales of Butel Park Villas bordering Arrowtown selling in the range $570K-$650K would have contributed to the firming median sell price of units overall.

Standalone residential home sales were representative of a myriad of addresses around Queenstown and the wider Wakatipu basin.  Arthurs Point homes stood out as being in demand with three sales $648K, $845K and $883,000 paid for Harrys Close home.  Home sales were unusually light within Lake Hayes Estate resident subdivision albeit a five bedroom Hope Avenue home broke through the $700K price band exchanging ownership at $710,000. The will be a one-off and we fully expect evidence of a bounce back when October sales are reported as our office has closed sales within Lake Hayes Estate and a further two homes within the neighbouring Hayes Creek subdivision. Septembers median home sell price at $631,500 reflects the modest shift upwards in the list price owners go to the market at and their resilience and confidence to hold firm during negotiation to close.

Media reports of buyer stress as a consequence of feverish completion for homes selling at auction in Auckland and other major cities is more tempered here in Queenstown.  For the nine months of 2013 dwellings reported as sold by auction represented 12.3% with Private Treaty negotiation remaining the favoured method of selling. As constraints in property availability by location and specific price bands continues into summer it’s a reasonable assumption that the number of auctions conducted will increase as owners leverage supply and demand dynamics.

The slippage in the median sell price of sections (Sept-$230,000) was a consequence of three lower values land sales within Jack’s Point each at $184,000 as local families in the main continue to buy with the intend to build. Countering the abundance of supply is the limited availability within the likes of Lake Hayes Estate with a Mavora Road sale at $230K and although there was a further sale at $330,000 this land holding has land use consents beyond residential only.

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

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

Price Band % of Total Sales 2013 % of Total Sales 2012
<$350,000 12.7% 16.3%
  $351,000 – $450,000 18.5% 20.2%
  $451,000 – $650,000 37.5% 31.4%
  $651,000 – $999,000 21.3% 17.2%
  $1.0m – $2.0m   7.0% 10.5%
  $2.0m plus   3.0%   4.4%

Queenstown Area Sales by Property Type Year-to-date

Report Period: January– September  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-Sept 2013 Jan-Sept 2012 Variance +/-
Residential Dwellings (RD) 277 sales 246 sales +12.6%
RD Median Sell Price $605,000 $612,500    -1.2%
Apartments (A) 62 sales 80 sales -22.5%
A Median Sell Price $397,500 $400,000    -0.6%
Units (U) 85 sales 70 sales +21.4%
U Median Sell Price $385,000 $334,000 +15.2%
Townhouses (TH) 29 sales 27 sales   +7.4%
TH Median Sell Price $420,000 $400,000   +5.0%
Residential Sections (RS) 127 sales 105 sales +20.9%
RS Median Sell Price $245,000 $240,000    +2.0%
Rural (R) 25 sales 23 sales    +8.7%
R Median Sell Price $900,000 $850,000    +5.8%
Total properties Sales 605 sales 551 sales   +9.8%
Total Value ($) of sales $353,374,093 $340,146,016   +3.8%

 Queenstown Area Sales by Property Type Year-to-date

QUEENSTOWN AREA PROPERTY SALES: September 2013 v July 2012

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

  Type Sept 2013 Aug 2013 Sept 2012
Number of sales Residential Dwellings 20 18 24
  Apartments   5   8   7
  Units 12 14   7
  Townhouses   2   2   4
  Sections / Vacant 14   9   9
  Rural Lifestyle   3   2   4
  TOTAL 56 53 55
Value of sales ($) Dwellings

(Excludes Apartments)

$21,547,427 $16,997,966 $24,658,500
  Apartments $1,841,450 $3,092,250 $3,132,750
  Sections / Vacant $4,609,000 $4,119,000 $3,657,500
  Rural Lifestyle $3,785,000 $1,870,000 $3,390,000
  TOTAL $31,782,877 $26,079,216 $34,838,750
Median Sell Price Dwellings all types $500,000 $420,000 $575,750
  Apartments $260,000 $419,500 $450,000
  Residential Dwellings $631,500 $573,033 $625,000
  Units $414,500 $399,400 $407,500
  Townhouses $396,500 $385,000 $950,000
  Sections / Vacant $230,000 $325,000 $290,000
  Rural Lifestyle $1,400,000 $935,000 $860,000
Median days to Sell Dwellings all types

(Includes apartments)

52-days 60-days 41-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.

Our customers that purchased where do they come from?

Snapshot of the past 12 months October 2012–September 2013

Locations customers-Local 59.5%
Locations customers-Regional 11.5%
Locations customers National 13.5%
Locations customers-International 15.5%


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