REINZ Chief Executive, Colleen Milne commented that “the Central Otago Lakes market remains strong with a significant lift in the number of sales by auction and auction prices generally exceeding vendor expectations. A new record for auction sales was set for the region in February with 27% of sales by auction. The number of listings remains very tight with a 50% drop in inventory compared to February last year. Over the past 10 years the average number of days to sell across the region has been 58-days and February 2016 was 41-days.”
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–February 2016 comparing 2015
□ Report compares aggregated sales for the calendar year 2016 v 2015
□ REINZ reported sales. Private / Developer direct sales not included.
| Property Type | Jan –Feb 2016 | Jan – Feb 2015 | Variance +/- |
| Residential Dwellings (RD) | 58 sales | 66 sales | -12.1% |
| RD Median Sell Price | $915,000 | $677,500 | +35.0% |
| Apartments (A) | 15 sales | 19 sales | -21.0% |
| A Median Sell Price | $487,500 | $415,000 | +17.4% |
| Units (U) | 14 sales | 22 sales | -36.2% |
| U Median Sell Price | $557,550 | $432,500 | +28.9% |
| Townhouses (TH) | 7 sales | 9 sales | -28.5% |
| TH Median Sell Price | $654,000 | $480,000 | +36.2% |
| Residential Sections (RS) | 42 sales | 18 sales | +133.0% |
| RS Median Sell Price | $360,000 | $303,750 | +16.9% |
| Rural (R) | 14 sales | 8 sales | +75.0% |
| R Median Sell Price | $1,675,000 | $695,000 | +141.0% |
| Total Sales Numbers | 150 sales | 142 sales | +5.6% |
| Value of Sales $ | $124,212,787 | $94,782,600 | +31.0% |
January & February 2016 comparing same period Year-to-date 2015:
- 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $782,000
- 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $552,500
REINZ Reported sales by price of Queenstown Residential Homes
January- February 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | n/a | 6.0% |
| $351,000 – $450,000 | 5.2% | 4.5% |
| $451,000 – $650,000 | 3.6% | 31.8% |
| $651,000 – $999,000 | 48.1% | 36.5% |
| $1.0m – $1.999m | 37.9% | 18.2% |
| $2.0m plus | 5.2% | 3.0% |
- January and February 2016 the number of residential home sales above $1.0m presented 43% of the total
- January and February 2015 the number of residential home sales above $1.0m represented 21.2% of the total
REINZ Reported sales by price covering all property types —
(Homes, Units, Apartments and Townhouses).
January- February 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 11.7% | 11.2% |
| $351,000 – $450,000 | 4.2% | 19.8 % |
| $451,000 – $650,000 | 14.8% | 29.3% |
| $651,000 – $999,000 | 38.4% | 26.7% |
| $1.0m – $1.999m | 27.6% | 11.3 % |
| $2.0m plus | 3.2% | 1.7 % |
REINZ Reported sales by price of Residential Sections.
January- February 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$199,000 | 4.7% | 33.3% |
| $200,000 – $299,000 | 26.1% | 11.1% |
| $300,000 – $499,000 | 40.6% | 27.7% |
| $500,000 – $749,000 | 16.6% | 5.5% |
| $750,000 – $999,000 | 7.3% | 22.4% |
| $1.0m – $2.0m | 4.7% |
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.
Steve Lindsay 