The buyer demand of late 2013 is clearly evident with 83 unconditionally sold residential and rural sales reported for the Month of January. By sales volume this January was the highest in over seven years for the first calendar month of a year. Of note are all but two sales were closed by Private Treaty negotiation with one auction and one tender property making up the mix.
The substantial lift in the median sell price of Apartments were a direct consequence of all seven sales closing above six hundred thousand dollars. Rees apartment sales dominated the stats with sales ranging $675K- $965K for a 3 bedroom, 3-bathroom, 3-key lake view apartment.
With nineteen Unit Titles property sales up from three the month prior clearly this inventory is in demand by first home buyers. By price 83% of these sales were for property values below $450K.
New build project remain high on buyers agenda with a healthy nineteen sales last month reflecting a myriad of addresses including: Arthurs Point, Kelvin Peninsula, Quail Rise, Jack’s Point and Hayes Creek to name a few.
Stand-alone dwelling sales surpassed December with a total thirty-one sales including eight homes sales above $1.5m. Multi-offers were to the fore in key neighbourhoods where demand exceeded supply and or the value proposition simply made sense for buyers actively scoping the market.
REINZ Reported sales by price of Queenstown Dwellings all types-(Homes, Apartments,
Units and Townhouses).
12-months February 2013 to January 2014 inclusive
| Price Band | % of Total Sales |
| <$350,000 | 15.2% |
| $351,000 – $450,000 | 19.0% |
| $451,000 – $650,000 | 34.0% |
| $651,000 – $999,000 | 21.4% |
| $1.0m – $2.0m | 7.2% |
| $2.0m plus | 3.2% |
Queenstown Area Sales by Property Type
Report Period: Most recent-6months August 2013-Janaury 2014 comparing
Previous 6-months February –July 2013
□ Report compares aggregated sales
□ REINZ reported sales. Private / Developer direct sales not included.
| Property Type | Aug-2013- Jan 2014 | Feb 2013-
July 2013 |
Variance +/- |
| Residential Dwellings (RD) | 157 sales | 216 sales | -27.3% |
| RD Median Sell Price | $625,000 | $605,500 | +3.2% |
| Apartments (A) | 43 sales | 46 sales | -6.5% |
| A Median Sell Price | $425,000 | $387,500 | +9.6% |
| Units (U) | 64 sales | 52 sales | +23.0% |
| U Median Sell Price | $400,000 | $365,000 | +9.5% |
| Townhouses (TH) | 17 sales | 24 sales | -29.1% |
| TH Median Sell Price | $390,000 | $442,500 | -11.8% |
| Residential Sections (RS) | 74 sales | 91 sales | -18.6% |
| RS Median Sell Price | $297,500 | $245,000 | +21.4% |
| Rural (R) | 27 sales | 18 sales | +50.0% |
| R Median Sell Price | $820,000 | $905,000 | -9.3% |
| Total properties Sales | 382 sales | 447 sales | -14.5% |
| Total Value ($) of sales | $258,927,605 | $267,536,543 | -3.2% |
QUEENSTOWN AREA PROPERTY SALES: January 2014 v January 2013
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | Jan 2014 | Dec 2013 | Jan 2013 | |
| Number of sales | Residential Dwellings | 31 | 29 | 23 |
| Apartments | 7 | 10 | 3 | |
| Units | 17 | 9 | 7 | |
| Townhouses | 1 | 4 | 1 | |
| Sections / Vacant | 19 | 3 | 13 | |
| Rural Lifestyle | 8 | 2 | 2 | |
| TOTAL | 83 | 57 | 49 | |
| Value of sales ($) | Dwellings
(Excludes Apartments) |
$36,164,250 | $33,697,500 | $20,075,500 |
| Apartments | $4,697,000 | $4,345,000 | $1,360,000 | |
| Sections / Vacant | $8,039,055 | $1,150,000 | $5,364,957 | |
| Rural Lifestyle | $8,206,630 | $1,870,000 | $1,175,000 | |
| TOTAL | $57,106,935 | $41,062,500 | $28,562,957 | |
| Median Sell Price | Dwellings all types | $512,500 | $513,000 | $562,500 |
| Apartments | $685,000 | $395,000 | $400,000 | |
| Residential Dwellings | $600,000 | $650,000 | $580,000 | |
| Units | $410,000 | $345,000 | $355,000 | |
| Townhouses | $298,000 | $660,000 | $373,000 | |
| Sections / Vacant | $288,000 | $540,000 | $210,500 | |
| Rural Lifestyle | $875,000 | $935,000 | $587,500 | |
| Dwellings- Median days to sell | 39-days | 66-days | 57-days | |
| Sections- Median days to sell | 82-days | 90-days | 147-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 