REINZ Regional Report Commentary—-“Sales volume for Central Otago Lakes Region rose by 27% compared to August 2015 with sales up 90% in Queenstown. Compared to July 2016 sales volume rose 49% in Queenstown. The median selling price across the region rose 44% in Queenstown comparing August 2015 and from the previous month July 2016 prices fell 13% in Queenstown.
The number of days to sell improved by three days from 37 days in July to 34 days for August 2016. Over the past ten years the average number of days of sell in August across the region has been 59-days.
REINZ Regional Director- Gail Hudson commented that, the number of active buyers in the market slowed over the past few weeks as the LVR changes weigh on people’s mind. Underlying demand remains solid as we head into spring.”
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- August 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- Aug 2016 | Jan– Aug 2015 | Variance +/- |
| Residential Dwellings (RD) | 366 sales | 288 sales | +27.0% |
| RD Median Sell Price | $920,000 | $736,000 | +25.0% |
| Apartments (A) | 67 sales | 77 sales | -12.9% |
| A Median Sell Price | $525,000 | $425,500 | +23.3% |
| Units (U) | 74 sales | 82 sales | -9.7% |
| U Median Sell Price | $592,500 | $467,500 | +26.7% |
| Townhouses (TH) | 37 sales | 28 sales | +32.1% |
| TH Median Sell Price | $650,000 | $561,750 | +15.7% |
| Residential Sections (RS) | 304 sales | 140 sales | +117.1% |
| RS Median Sell Price | $322,500 | $250,000 | +29.0% |
| Rural (R) | 62 sales | 39 sales | +58.9% |
| R Median Sell Price | $1,175,000 | $875,000 | +34.2% |
| Total Sales Numbers | 910 sales | 654 sales | +39.1% |
| Value of Sales $ | $763,289,062 | $458,105,576 | +66.6% |
January – August 2016 comparing same period Year-to-date 2015:
- 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $835,000. Sales above $1.0m represented 31.4% of all sales.
- 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $642,500. Sales above $1.0m represented 14.3% of all sales.
REINZ Reported sales by price of Queenstown Residential Homes
January- August 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 0.2% | 5.3% |
| $351,000 – $450,000 | 2.1% | 2.7% |
| $451,000 – $650,000 | 5.9% | 26.1% |
| $651,000 – $999,000 | 50.0% | 44.8% |
| $1.0m – $1.999m | 34.9% | 18.7% |
| $2.0m plus | 6.9% | 2.4% |
REINZ Reported sales by price covering all property types —
(Homes, Units, Apartments and Townhouses).
January- August 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 4.2% | 11.0% |
| $351,000 – $450,000 | 4.5% | 11.8% |
| $451,000 – $650,000 | 18.0% | 29.3% |
| $651,000 – $999,000 | 41.9% | 33.6% |
| $1.0m – $1.999m | 26.5 % | 12.5% |
| $2.0m plus | 4.9% | 1.8% |
REINZ Reported sales by price of Residential Sections.
January- August 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$199,000 | 1.6% | 27.2% |
| $200,000 – $299,000 | 42.9% | 32.9% |
| $300,000 – $499,000 | 34.2% | 20.7% |
| $500,000 – $749,000 | 9.8% | 8.6% |
| $750,000 – $999,000 | 6.5% | 7.8% |
| $1.0m plus | 5.0% | 2.8% |
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 