The calendar year 2014 has seen a return to the market by buyers seeking to get into the Queenstown property market with a lift in property sales sub-$450,000. It remains a seller’s market for standalone dwellings and home owners particularly sub-$650,000 either seek price premiums at sale or choose to sit on their properties. This in punctuated by a 14.5% lift in the median sell price of homes, slight dip in dwelling sales for the first two months of the year and marketed drop in home sales in the range $450,000-$650,000 as a percentage of all dwelling sales excluding apartments.
The surge of apartment sales and dramatic lift in the median sell price year-to-date at $615,000 is reflective of the last of the developer’s apartments selling down within the REES. The last phase of the development enters an exciting phase with the lakefront villas and apartments now selling off-plan with buyer interest galvanised by solid performance trends by occupancy and yield for owners.
As with January’s section sales numbering 19 the 20 section sales reported for February were dominated by Jack’s Point representing 45% of the sales last month median price at Jack’s at $185,000.
Three of the four reported rural sales last month were located in the Gibbston Valley. The nine properties sold in February north of $1.m were representative of a broad range of locations and suburbs.
REINZ Reported sales by price of Queenstown Homes, Units and Townhouses.
Year-to-date January & February 2014 comparing 2013.
| Price Band | % of Total Sales 2014 | % of Total Sales 2013 |
| <$350,000 | 8.9% | 7.9% |
| $351,000 – $450,000 | 19.9% | 13.6% |
| $451,000 – $650,000 | 33.6% | 52.2% |
| $651,000 – $999,000 | 20.8% | 17.0% |
| $1.0m – $2.0m | 10.9% | 6.9% |
| $2.0m plus | 5.9% | 2.4% |
Queenstown Area Sales by Property Type
Report Period: January & February 2014 comparing 2013.
□ Report compares aggregated sales for the calendar year 2012 v 2011
□ REINZ reported sales. Private / Developer direct sales not included.
| Property Type | Jan & Feb 2014 | Jan & Feb 2013 | Variance +/- |
| Residential Dwellings (RD) | 65 sales | 69 sales | -5.8% |
| RD Median Sell Price | $650,000 | $567,500 | +14.5% |
| Apartments (A) | 12 sales | 7 sales | +71.4% |
| A Median Sell Price | $615,000 | $400,000 | +53.7% |
| Units (U) | 26 sales | 14 sales | +85.7% |
| U Median Sell Price | $427,500 | $435,500 | -1.8% |
| Townhouses (TH) | 6 sales | 5 sales | +20.0% |
| TH Median Sell Price | $395,623 | $420,000 | -5.8% |
| Residential Sections (RS) | 39 sales | 35 sales | +11.4% |
| RS Median Sell Price | $265,000 | $230,000 | +15.2% |
| Rural (R) | 11 sales | 2 sales | +450.0% |
| R Median Sell Price | $820,000 | $575,000 | +42.6% |
QUEENSTOWN AREA PROPERTY SALES: February 2014 v February 2013
Note: Data represents sales reported by REINZ agencies. Private sales not included.
| Type | Feb 2014 | Jan 2014 | Feb 2013 | |
| Number of sales | Residential Dwellings | 37 | 31 | 46 |
| Apartments | 5 | 7 | 4 | |
| Units | 10 | 17 | 7 | |
| Townhouses | 5 | 1 | 4 | |
| Sections / Vacant | 20 | 19 | 22 | |
| Rural Lifestyle | 4 | 8 | 1 | |
| TOTAL | 81 | 83 | 84 | |
| Value of sales ($) | Dwellings
(Excludes Apartments) |
$37,019,347 | $36,164,250 | $34,439,650 |
| Apartments | $2,074,000 | $4,697,000 | $1,472,000 | |
| Sections / Vacant | $6,535,000 | $8,039,055 | $12,497,800 | |
| Rural Lifestyle | $3,595,000 | $8,206,630 | $640,000 (1) | |
| TOTAL | $49,223,347 | $57,106,935 | $49,049,450 | |
| Median Sell Price | Dwellings all types | $630,000 | $512,500 | $540,000 |
| Apartments | $400,000 | $685,000 | $295,000 | |
| Residential Dwellings | $668,000 | $600,000 | $558,000 | |
| Units | $462,500 | $410,000 | $475,000 | |
| Townhouses | $409,247 | $298,000 | $510,000 | |
| Sections / Vacant | $242,500 | $288,000 | $262,500 | |
| Rural Lifestyle | $762,500 | $875,000 | $640,000 (1) |
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 