REINZ Commentary—-“Sales volume for Central Otago Lakes Region rose 2% compared to June, with sales up 35% in Central however down 25% in Queenstown. On a seasonally adjusted basis sales rose by 7% in July across the region.
The median price across the region rose $160,000 (+32%) compared to July 2015, with prices rising 39% in Queenstown and 21% in Central.
The number of days to sell improved by one day compared to June, from 38-days to 37-days in July. Compared to July 2015 the number of days to sell improved by 12-days. Over the past ten years the average number of days to sell has been 72-days. The level of inventory has fallen by 20-weeks over the past 12-months and now stands at 16-weeks.”
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- July 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- July 2016 | Jan– July 2015 | Variance +/- |
| Residential Dwellings (RD) | 325 sales | 270 sales | +20.3% |
| RD Median Sell Price | $920,000 | $740,000 | +24.3% |
| Apartments (A) | 61 sales | 70 sales | -12.8% |
| A Median Sell Price | $550,000 | $425,250 | +29.2% |
| Units (U) | 61 sales | 72 sales | -15.2% |
| U Median Sell Price | $595,000 | $467,500 | +27.2% |
| Townhouses (TH) | 22 sales | 24 sales | -8.3% |
| TH Median Sell Price | $654,500 | $614,250 | +6.5% |
| Residential Sections (RS) | 180 sales | 115 sales | +56.5% |
| RS Median Sell Price | $391,500 | $245,000 | +59.8% |
| Rural (R) | 52 sales | 35 sales | +48.5% |
| R Median Sell Price | $1,225,000 | $875,000 | +40.0% |
| Total Sales Numbers | 701 sales | 586 sales | +19.6% |
| Value of Sales $ | $622,998,894 | $417,447,252 | +49.2% |
January – July 2016 comparing same period Year-to-date 2015:
- 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $837,500. Sales above $1.0m represented 32% of all sales.
- 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $647,500. Sales above $1.0m represented 15% of all sales.
REINZ Reported sales by price of Queenstown Residential Homes
January- July 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 0.6% | 4.8% |
| $351,000 – $450,000 | 1.5% | 2.5% |
| $451,000 – $650,000 | 5.8% | 26.8% |
| $651,000 – $999,000 | 49.8% | 44.0% |
| $1.0m – $1.999m | 35.5% | 19.4% |
| $2.0m plus | 6.8% | 2.5% |
Frankton home coming to the market Sept 1st.
REINZ Reported sales by price covering all property types —
(Homes, Units, Apartments and Townhouses).
January- July 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 4.4% | 11.0% |
| $351,000 – $450,000 | 3.6% | 11.5% |
| $451,000 – $650,000 | 16.4% | 28.6% |
| $651,000 – $999,000 | 43.3% | 33.9% |
| $1.0m – $1.999m | 27.0% | 13.2% |
| $2.0m plus | 5.3% | 1.8% |
REINZ Reported sales by price of Residential Sections.
January- July 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$199,000 | 2.7% | 27.8% |
| $200,000 – $299,000 | 14.6% | 31.3% |
| $300,000 – $499,000 | 53.4% | 21.7% |
| $500,000 – $749,000 | 15.o% | 5.2% |
| $750,000 – $999,000 | 8.8% | 11.4% |
| $1.0m – $2.0m | 5.5% | 2.6% |
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 