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% |
Steve Lindsay 