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

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.