EXECUTIVE SUMMARY: QUEENSTOWN’S REAL ESTATE SALES-Calendar Year 2015


Firstly it’s appropriate to look back on 2015 to put the year in context; plus how has 2016 kicked off with the latest REINZ sales reported for the month of January.

Informative updates are fundamental to be first to know when the time is right to make your move whether it be buying or selling. Adhering to REINZ policy I am not at liberty to comment on the market data so I’ll just let my ‘desktop analyses’ of the sales numbers do the talking.

Queenstown Area Sales by Property Type

Report Period: January–December 2015 comparing 2014.

□ Report compares aggregated sales for the calendar year 2015 v 2014

□ REINZ reported sales. Private / Developer direct sales not included.

Property Type Jan –December 2015 Jan –December 2014 Variance +/-
Residential Dwellings (RD) 454 sales 342 sales 32.7%
RD Median Sell Price $740,000 $661,000 11.9%
Apartments (A) 111 ales   94 sales 18.0%
A Median Sell Price $428,000 $447,500 -4.3%
Units (U) 118 sales 85 sales 38.8%
U Median Sell Price $490,000 $435,000 12.6%
Townhouses (TH) 40 sales 35 sales 14.2%
TH Median Sell Price $665,000 $465,000 43.0%
Residential Sections (RS) 242 sales 189 sales 28.0%
RS Median Sell Price $280,000 $265,000    5.6%
Rural (R) 67 sales 56 sales 19.6%
R Median Sell Price $860,000 $977,500 -12.0%
Total Sales Numbers 1032 sales 801 sales 28.8%
Value of Sales $ $723,112,455 $527,889,404 36.9%

 

REINZ Reported sales by price of Queenstown Residential Homes

Year-to-date January- December 2015 comparing calendar year 2014.

Price Band % of Total Sales 2015 % of Total Sales 2014
<$350,000 4.8% 5.8%
$351,000 – $450,000 7.7% 6.8%
$451,000 – $650,000 23.3% 35.7%
$651,000 – $999,000 40.7% 31.3%
$1.0m –     $1.999m 20.1% 14.9%
$2.0m plus 3.4% 5.5%

REINZ Reported sales by price covering all property types —

(Homes, Units, Apartments and Townhouses).

Year-to-date January- December 2015 comparing 2014.

Price Band % of Total Sales 2015 % of Total Sales 2014
<$350,000 10.8% 13.7%
$351,000 – $450,000 12.8% 14.3%
$451,000 – $650,000 27.8% 33.9%
$651,000 – $999,000 31.3% 24.2%
$1.0m – $1.999m 14.7% 10.4%
$2.0m plus 2.8% 3.5%

REINZ Reported sales by price of Residential Sections.

Year-to-date January – December 2015 comparing 2014.

Price Band % of Total Sales 2015 % of Total Sales 2014
<$199,000 19.4% 33.9%
$200,000 – $299,000 37.2% 24.4%
$300,000 – $499,000 21.2% 20.2%
$500,000 – $749,000 9.9% 12.6%
$750,000 – $999,000 8.6% 6.3%
$1.0m – $2.0m 3.7% 2.6%

January 2016: Just how has this year started?

REINZ spokesperson for Queenstown Mr Kelvin Collins commented—

“The monthly median sale price continues to rise and reached another record of $798,500 for the month of January 2016. The median price is being pushed up by a shortage of listings at the entry level of the market with the lowest value house sale last month at $670,000 for a small 3 bedroom property in Sunshine Bay.

Due to the shortage of houses for sale potential buyers are looking at the alternative of buying sections and building. Sections continue to sell well with 25 sold during the month of January.

There were 14 house sales over $1 million accounting for 35% of the market. This is up from 25% of the market in December 2015.

Managed apartments were also in demand. These have improving returns due to the high occupancy levels over the summer which we expect to continue in the foreseeable future with no new hotels or large apartment complexes on the horizon.”

 Latest Sales by Property Type- January 2016 comparing January 2015

  Type January 2016 January 2015
Number of sales Residential Dwellings 21 23
  Apartments   8 4
  Units   9 11
  Townhouses   1 4
  Sections / Vacant 25 9
  Rural Lifestyle   5 1
  Total sales 69 52
  Total value ($) of sales $57,210,687 $33,958,250

Data Source: REINZ. Private & Developer direct 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.

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