Spring property sales rebounded in October with 72 REINZ reported residential and rural transactions to better reflect what is an active buyer market right now. The two relatively ‘soft’ two months across August and September won’t curtail what is likely to on balance a year of positive activity by the time November and December sales are reported. Sales volumes for the year are a shade under 11% ahead of same time last year and the road has been less rocky with the only curve to navigate the new LVR deposit rules mandated by the Reserve Bank.
Standalone residential dwellings are hot property with a stellar 32 sales for October. Sellers need to take confidence that’s there is very good demand for homes +$650,000 with 50% of the home sales last month above this value. The spread of sales by geo-location was broad; however home sales on the Kelvin Peninsula dominated the stats last month with five properties exchanging ownership with a median sell price of $860,000.
Residential land sales continue to lift as has been the constant trend throughout 2013 punctuated by the 22% increase in the volume of sales for the 10-months of 2013 comparing the same period in 2012. October’s 16 sections sales ranged across perennial favourite residential addresses from Fernhill, Jack’s Point, Arrowtown, Goldfield, Lake Hayes with two waterfront lots sitting side by side selling on the Kelvin Peninsula.
Townhouse and unit sale in the main generally hover around 13-14 transactions each month with these properties often the domain of first home buyers. With the stakes having been raised for deposit thresholds required by lenders it’s not surprising that 70% of the sales last month of these two property types were below $500,000.
The modest lift in apartment transactions last month was as a consequence of four sales within the Kawarau Falls Village ranging in values from $425,000- $550,000.This shared the trend line for apartment sales throughout the 2013 year has been one of regression with a 17.8% decline in sales comparing the same 10-month for 2012.
Buyers have responded to ‘SOLD’ banners across sales signboards with a good burst of suburban residential homes and rural lifestyle listings recently coming to the market. With mere weeks left in the year buyers at this time of the year beyond price are often keen negotiate possession for Christmas which makes for a busy time for sellers and buyers alike.
REINZ Reported sales by price of Queenstown Homes, Units and Townhouses.
Year-to-date January –October 2013 comparing 2012.
|Price Band||% of Total Sales 2013||% of Total Sales 2012|
|$351,000 – $450,000||17.4%||20.75%|
|$451,000 – $650,000||38.8%||30.50%|
|$651,000 – $999,000||21.4%||17.0%|
|$1.0m – $2.0m||6.6%||9.25%|
Queenstown Area Sales by Property Type Year-to-date
Report Period: January– October 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-Oct 2013||Jan-Oct 2012||Variance +/-|
|Residential Dwellings (RD)||309 sales||274 sales||+12.7%|
|RD Median Sell Price||$610,000||$607,000||+0.4%|
|Apartments (A)||69 sales||84 sales||-17.8%|
|A Median Sell Price||$419,000||$400,000||+4.7%|
|Units (U)||92 sales||81 sales||+13.5%|
|U Median Sell Price||$385,000||$338,000||+13.9%|
|Townhouses (TH)||35 sales||29 sales||+20.6%|
|TH Median Sell Price||$418,000||$400,000||+4.5%|
|Residential Sections (RS)||143 sales||117 sales||+22.2%|
|RS Median Sell Price||$250,000||$240,000||+4.1%|
|Rural (R)||29 sales||25 sales||+16.0%|
|R Median Sell Price||$700,000||$850,000||-17.6%|
|Total properties Sales||677 sales||610 sales||+10.9%|
|Total Value ($) of sales||$395,459,243||$372,090,416||+6.2%|
Queenstown Area Sales by Property Type Year-to-date.
QUEENSTOWN AREA PROPERTY SALES: October 2013 v October 2012
Note: Data represents sales reported by REINZ agencies. Private sales not included.
|Type||Oct 2013||Sept 2013||Oct 2012|
|Number of sales||Residential Dwellings||32||20||28|
|Sections / Vacant||16||14||12|
|Value of sales ($)||Dwellings(Excludes Apartments)||$30,804,750||$21,547,427||$22,626,400|
|Sections / Vacant||$5,411,400||$4,609,000||$5,848,000|
|Median Sell Price||Dwellings all types||$575,000||$500,000||$517,000|
|Sections / Vacant||$347,000||$230,000||$292,000|
|Median days to Sell||Dwellings all types(Includes apartments)||48-days||52-days||55-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 November 2012–October 2013
|Locations customers National||13.5%|