EXECUTIVE SUMMARY: QUEENSTOWN’S REAL ESTATE SALES-First-Quarter 2016


REINZ Regional Director, Gail Hudson commented that –“Sales volume for Central Otago Lakes Region rose 5% compared to March 2015, with sales rising 21% in Queenstown but falling 8% in Central. Sales for the region were the highest for March since 2002, fourteen years ago. The number of days to sell across the region improved from 41-days in February to 31-days in March. Over the past 10 years the average number of sell days in March across the region has been 56-days.

The Central Otago Lakes region has seen a significant lift in the median sell price, especially for Queenstown, where the median sell price has risen $175,000 over the past 12-months, along with a 21% increase in the number of sales.”

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- March 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 –Mar 2016 Jan –Mar 2015 Variance +/-
Residential Dwellings (RD) 116 sales  108 sales    +7.4%
RD Median Sell Price $906,000 $682,900 +32.6%
Apartments (A) 21 sales  27 sales -22.2%
A Median Sell Price  $487,000 $425,000 +14.5%
Units (U) 25 sales  30 sales -16.6%
U Median Sell Price $550,000 $440,000 +25.0%
Townhouses (TH) 13 sales  18 sales -27.7%
TH Median Sell Price  $654,000 $614,250    +6.4%
Residential Sections (RS)   74 sales  36 sales +105.5%
RS Median Sell Price  $387,500 $223,500 +73.8%
Rural (R) 16 sales  16 sales   n/c
R Median Sell Price $1,312,500 $775,000 +69.3%
Total Sales Numbers  265  sales  235 sales +12.7%
Value of Sales $ $215,325,756 $156,704,750 +37.4%

January & March 2016 comparing same period Year-to-date 2015:

  • 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $800,000. Sales above $1.0m represented 30.8% of all sales.
  • 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $598,000. Sales above $1.0m represented 13.1% of all sales.

 REINZ Reported sales by price of Queenstown Residential Homes

January- March 2016 comparing same period Year-to-date 2015

Price Band % of Total Sales 2016 % of Total Sales 2015
<$350,000   –   5.5%
  $351,000 – $450,000   2.5%   2.8%
  $451,000 – $650,000   6.8% 33.3%
  $651,000 – $999,000 48.4% 38.9%
  $1.0m – $1.999m 39.8% 17.7%
  $2.0m plus   2.5%   1.8%

REINZ Reported sales by price covering all property types —

(Homes, Units, Apartments and Townhouses).

January- March 2016 comparing same period Year-to-date 2015

Price Band % of Total Sales 2016 % of Total Sales 2015
<$350,000   8.0%   9.8%
  $351,000 – $450,000   4.0% 15.9%
  $451,000 – $650,000 16.0% 31.3%
  $651,000 – $999,000 41.3% 30.0%
  $1.0m –      $1.999m 29.0% 12.0%
  $2.0m plus   1.7%   1.0%

REINZ Reported sales by price of Residential Sections.

January- March 2016 comparing same period Year-to-date 2015\

Price Band % of Total Sales 2016 % of Total Sales 2015
<$199,000   5.4% 44.4%
  $200,000 – $299,000 21.6% 19.6%
  $300,000 – $499,000 37.8% 13.8%
  $500,000 – $749,000 21.8%   5.7%
  $750,000 – $999,000   9.4% 13.8%
  $1.0m – $2.0m   4.0%   2.7%

 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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s