Sales momentum to a modest degree waned across the last two months of the calendar year 2013 with 57 (Nov) & 59 (Dec) residential and rural sales. The month of December there were eight dwelling sales reported below $305,000. The knock-on effect reflected in the low median sell price and regression from $642,500 for November to a low median sell price of $513,000 for December across all dwelling types.
Standalone residential dwelling continued to track positively with 29 sales and corresponding a robust median sell price of $650,000 for December. A total eight residential home sales north of million dollars warrants mention with our office closing three lake front Kelvin Peninsula home sales the week of Christmas as buyers waiting in the wings made their move. Millbrook Resort/ Arrowtown, Threepwood, Queenstown Hill made up addresses for the other sales above the $1.0M price point.
December’s residential section sales were poor with a mere three sales down from thirteen the month previous. Jack’s Point the subdivision in favour with buyers throughout 2013 was nowhere to be seen in the sales stats with Sunshine Bay, Threepwood and Lakeside Estate to the fore. This soft demand was a one-off based on current high levels of enquiry with our office having contracted nine sections at Jack’s Point from late December to month-to-date across neighbourhoods 4 & 5.
A review of sales for the calendar year 2013 comparing 2012 highlights modest gains with a 2.8% increase in sales transactions and further 4% in the value of sales. Last year REINZ realtors reported stellar some months at levels many could be forgiven for thinking was the emergence of a positive trend line only to see demand go off and on the boil sporadically throughout the year.
Property commentators widely reported and shared their views in response to the Reserve Bank introduction of new Loan Value Ratio rules for borrowers effective as at October 1st 2013. Queenstown first home buyers earing tourism wages were clearly affected. The volume of residential dwellings, units and townhouse sales below $450K (apartments excluded) October-December 2013 declined 50% on the same last quarter 2012.
Residential Home, Units and Townhouse sales (Apartments not included).
|Period||% of sales reported below $450,000|
|October –December 2012||35.6% of all dwelling sales last-quarter 2012|
|October –December 2013||21.6% of all dwelling sales last-quarter 2013|
REINZ Reported sales by price of Queenstown Homes, Units and Townhouses.
Year-to-date January- December 2013 comparing 2012.
|Price Band||% of Total Sales 2013||% of Total Sales 2012|
|$351,000 – $450,000||16.4%||20.9%|
|$451,000 – $650,000||37.5%||31.8%|
|$651,000 – $999,000||22.6%||18.8%|
|$1.0m – $2.0m||8.0%||9.8%|
Queenstown Area Sales by Property Type Year-to-date
Report Period: January- December 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-Dec 2013||Jan-Dec 2012||Variance +/-|
|Residential Dwellings (RD)||365 sales||351 sales||+3.9%|
|RD Median Sell Price||$615,000||$600,000||+2.5%|
|Apartments (A)||85 sales||97 sales||-12.3%|
|A Median Sell Price||$405,000||$420,000||-3.5%|
|Units (U)||106 sales||101 sales||-4.9%|
|U Median Sell Price||$385,000||$360,000||+6.9%|
|Townhouses (TH)||41 sales||34 sales||+20.5%|
|TH Median Sell Price||$420,000||$412,000||+1.9%|
|Residential Sections (RS)||159 sales||158 sales||+.06%|
|RS Median Sell Price||$260,000||$239,000||+8.7%|
|Rural (R)||37 sales||30 sales||+23.3%|
|R Median Sell Price||$700,000||$820,000||-14.9%|
|Total properties Sales||793 sales||771 sales||+2.8%|
|Total Value ($) of sales||$483,462,670||$464,542,891||4.0%|
Note: Data represents sales reported by REINZ agencies. Private sales not included.
|Type||Dec 2013||Nov 2013||Dec 2012|
|Number of sales||Residential Dwellings||29||27||38|
|Sections / Vacant||3||13||23|
|Value of sales ($)||Dwellings(Excludes Apartments)||$33,697,500||$29,567,927||$38,784,500|
|Sections / Vacant||$1,150,000||$6,222,500||$8,223,000|
|Median Sell Price||Dwellings all types||$513,000||$642,500||$568,000|
|Sections / Vacant||$540,000||$331,000||$236,000|
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.