EXECUTIVE SUMMARY: QUEENSTOWN’S REAL ESTATE SALES-Calendar Year 2016


REINZ Regional Director, Gail Hudson- “Sales volume for the Central Otago Lakes Region rose by 26% compared to April 2015 to reach a new all-time record high; the first region to hit a new volume since March 2007.

The Median price across the region rose $134,250 (+25%) compared to April 2015, with prices rising 31% in Queenstown and 17% in Central.

The number of days to sell eased by five days compared to March 2016, from 31-days to in March to 36-days in April 2016.

The market continues to be very strong, with a dramatic lift in the median sell price in March being bedded in in during April. The listing situation across the region remains tight with a 44% drop in inventory over the past 12-months.”

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- April 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 –Apr 2016 Jan –Apr 2015 Variance +/-
Residential Dwellings (RD) 181 sales  151 sales  +19.8%
RD Median Sell Price $915,000 $689,000 +32.8%
Apartments (A) 30 sales  34 sales -11.7%
A Median Sell Price  $500,000 $420,000 +19.0%
Units (U) 31 sales  39 sales -20.5%
U Median Sell Price $565,000 $460,000 +22.8%
Townhouses (TH) 15 sales  23 sales -34.7%
TH Median Sell Price  $654,000 $568,500 +15.0%
Residential Sections (RS) 96 sales  48 sales +100.0%
RS Median Sell Price  $385,000 $250,900 +53.4%
Rural (R) 27 sales  19 sales +42.1%
R Median Sell Price $1,300,000 $940,000 +38.3%
Total Sales Numbers  380 sales  314 sales +21.0%
Value of Sales $ $327,860,682 $223,321,597 +46.8%

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

  • 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $830,000. Sales above $1.0m represented 32.6% of all sales.
  • 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $612,300. Sales above $1.0m represented 13.3% of all sales.

 

REINZ Reported sales by price of Queenstown Residential Homes

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

Price Band % of Total Sales 2016 % of Total Sales 2015
<$350,000     4.6%
  $351,000 – $450,000   1.6%   3.3%
  $451,000 – $650,000   6.0% 31.2%
  $651,000 – $999,000 49.8% 41.7%
  $1.0m – $1.999m 38.8% 16.6%
  $2.0m plus   3.8%   2.6%

 

REINZ Reported sales by price covering all property types —

(Homes, Units, Apartments and Townhouses).

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

Price Band % of Total Sales 2016 % of Total Sales 2015
<$350,000   8.3%   9.4%
  $351,000 – $450,000   3.0% 13.3%
  $451,000 – $650,000 15.1% 31.5%
  $651,000 – $999,000 41.6% 32.5%
  $1.0m –      $1.999m 28.9% 11.3%
  $2.0m plus   3.1%   2.0%

REINZ Reported sales by price of Residential Sections.

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

Price Band % of Total Sales 2016 % of Total Sales 2015
<$199,000   5.2% 35.4%
  $200,000 – $299,000 20.9% 22.9%
  $300,000 – $499,000 41.6% 18.7%
  $500,000 – $749,000 16.7%   4.3%
  $750,000 – $999,000   8.4% 14.6%
  $1.0m – $2.0m   7.2%   4.1%

 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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