REINZ Commentary—- Sales volume for the Central Otago Lakes Region rose by 7% compared to September, with sales up 14% in Central but down 1% in Queenstown. Compared to October 2015 sales volume fell 10%, with sales falling 15% in Central and 3% in Queenstown. On a seasonally adjusted basis sales fell by 1% in October.

The median price across the region rose $194,000 (+42%) compared to October 2015, with prices rising 48% in Queenstown and 10% in Central. Compared to September, the median price fell $35,500 (-5%) with prices rising 10% in Queenstown, but falling 17% in Central.

The number of days to sell eased by five days compared to September, from 33 days in September to 38 days in October. Compared to October 2015 the number of days to sell eased by seven days. Over the past 10 years the average number of days to sell in October across the region has been 52 days.

REINZ Regional Director Gail Hudson commented that, “First home buyers have stepped to the sidelines in light of the new LVR rules coming into play, however, other parts of the market appear to be functioning well. Overall the market appears to be steady with no firm direction either way.”

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- October 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- Oct 2016	Jan– Oct 2015	Variance +/-
Residential Dwellings (RD)	444 sales	370 sales	+20.0%
RD Median Sell Price	$935,000	$735,500	+27.1%
Apartments (A)	91 sales	96 sales	-5.2%
A Median Sell Price	$525,000	$425,500	+23.8%
Units (U)	98 sales	102 sales	-3.9%
U Median Sell Price	$609,000	$490,000	+40.8%
Townhouses (TH)	47 sales	32 sales	+46.8%
TH Median Sell Price	$650,000	$622,500	+4.4%
Residential Sections (RS)	334 sales	210 sales	+59.0%
RS Median Sell Price	$330,125	$263,000	+25.5%
Rural (R)	70 sales	54 sales	+29.6%
R Median Sell Price	$1,275,000	$870,000	+46.5%
Total Sales Numbers	1084 sales	864 sales	+25.4%
Value of Sales $	$944,773,875	$601,777,666	+57.0%

 

January – October 2016 comparing same period Year-to-date 2015:

• 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse)              $839,500. Sales above $1.0m represented 32.3% of all sales.
• 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse)                     $637,500. Sales above $1.0m represented 16.1% of all sales.

 REINZ Reported sales by price of Queenstown Residential Homes

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

Price Band	% of Total Sales 2016	% of Total Sales 2015
<$350,000	0.2%	5.1%
$351,000 – $450,000	2.0%	5.6%
$451,000 – $650,000	5.1%	25.3%
$651,000 – $999,000	48.8%	41.8%
$1.0m – $1.999m	35.5%	18.5%
$2.0m plus	8.4%	3.7%

 

REINZ Reported sales by price covering all property types —

(Homes, Units, Apartments and Townhouses).

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

Price Band	% of Total Sales 2016	% of Total Sales 2015
<$350,000	5.1%	10.6%
$351,000 – $450,000	4.1%	12.5%
$451,000 – $650,000	16.7%	28.8%
$651,000 – $999,000	41.8%	31.8%
$1.0m –      $1.999m	26.5%	13.7%
$2.0m plus	5.8%	2.6%

 

REINZ Reported sales by price of Residential Sections.

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

Price Band	% of Total Sales 2016	% of Total Sales 2015
<$199,000	1.5%	20.9%
$200,000 – $299,000	40.8%	39.2%
$300,000 – $499,000	33.9%	20.0%
$500,000 – $749,000	10.8 %	7.6%
$750,000 – $999,000	7.0%	8.5%
$1.0m – $2.0m	6.0%	3.8%

 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.