REINZ Commentary—- Sales volume for the Central Otago lakes Region rose 35% compared to May 2015, with sales up 57% in Queenstown and 17% in Central. The median price across the region rose $202,000 (+40%) compared to May 2015 to reach another record high.
The number of days to sell improved by three days from 36-days in April 2016 to 33-days in May. Compared to May 2015 the number of days to sell improved by 24-days. Over the past 10 years the average number of days to sell in May across the region has been 66-days.
REINZ Regional Director- Gail Hudson commented that “The significant jump in prices that occurred in March has been further consolidated in May. There are fewer first home buyers active in the market, but more investors. The number of properties available for sale has fallen with a drop of more than 50% in the past six months helping explain the lift in the median sell price.”
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- May 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 –May 2016 | Jan –May 2015 | Variance +/- |
| Residential Dwellings (RD) | 245 sales | 190 sales | +28.9% |
| RD Median Sell Price | $902,000 | $735,000 | +22,7% |
| Apartments (A) | 43 sales | 43 sales | n/c |
| A Median Sell Price | $570,000 | $400,000 | +42.5% |
| Units (U) | 45 sales | 50 sales | -10.0% |
| U Median Sell Price | $562,500 | $462,000 | +21.7% |
| Townhouses (TH) | 18 sales | 24 sales | -25.0% |
| TH Median Sell Price | $654,500 | $614,250 | +6.5% |
| Residential Sections (RS) | 129 sales | 61 sales | +114.8% |
| RS Median Sell Price | $385,000 | $280,000 | +37.5% |
| Rural (R) | 34 sales | 25 sales | +36.0% |
| R Median Sell Price | $1,250,000 | $920,000 | +35.8% |
| Total Sales Numbers | 514 sales | 393 sales | +30.7% |
| Value of Sales $ | $441,135,482 | $283,802,682 | +55.4% |
January – May 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 31.6% of all sales.
- 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $630,000. Sales above $1.0m represented 14.3% of all sales.
REINZ Reported sales by price of Queenstown Residential Homes
January- May 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 0.4% | 4.7% |
| $351,000 – $450,000 | 2.0% | 2.6% |
| $451,000 – $650,000 | 6.1% | 30.0% |
| $651,000 – $999,000 | 50.2% | 42.3% |
| $1.0m – $1.999m | 35.5% | 16.8% |
| $2.0m plus | 5.8% | 3.6% |
REINZ Reported sales by price covering all property types —
(Homes, Units, Apartments and Townhouses).
January- May 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 5.2% | 10.0% |
| $351,000 – $450,000 | 3.4% | 12.9% |
| $451,000 – $650,000 | 16.8% | 30.2% |
| $651,000 – $999,000 | 43.0% | 32.8% |
| $1.0m – $1.999m | 27.3% | 11.7% |
| $2.0m plus | 4.3% | 2.4% |
REINZ Reported sales by price of Residential Sections.
January- May 2016 comparing same period Year-to-date 2015
Lot-4 For Sale
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$199,000 | 3.8% | 27.8% |
| $200,000 – $299,000 | 16.2% | 26.3% |
| $300,000 – $499,000 | 52.0% | 26.3% |
| $500,000 – $749,000 | 16.2% | 4.9% |
| $750,000 – $999,000 | 6.4% | 11.4% |
| $1.0m – $2.0m | 5.4% | 3.3% |
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 