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.
Steve Lindsay 