EXECUTIVE SUMMARY: QUEENSTOWN’S REAL ESTATE SALES-Calendar Year 2016


REINZ Commentary—-“Sales volume for the Central Otago Lakes Region fell by 6% compared to October, with sales up 14% in Central but down 32% in Queenstown. Compared to November 2015 sales volume fell 16%, with sales falling 1% in Central and falling 36% in Queenstown. On a seasonally adjusted basis sales fell by 13% compared to October. The median price across the region rose $153,500 (+32%) compared to November 2015, with prices rising 69% in Queenstown and 14% in Central. Compared to October, the median price fell $23,500 (-4%) with prices rising 11% in Central, but falling by $500 in Queenstown. On a seasonally adjusted basis the median price fell 3% compared to October.

The number of days to sell improved by five days compared to October, from 38 days in October to 33 days in November. Compared to November 2015 the number of days to sell improved by three days. Over the past 10 years the average number of days to sell in November across the region has been 44 days. The level of inventory now stands at 16 weeks, a drop of five weeks over the past 12 months.”

REINZ Regional Director, Gail Hudson commented that, “First home buyers continue to sit on the side-lines in both Queenstown and Central with fewer investors active also. Numbers at open homes have also declined indicating an overall slowdown in the market. As a result inventory levels have improved offering more choice to the buyers that are active.”

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- November 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- Nov 2016 Jan– Nov 2015 Variance +/-
Residential Dwellings (RD) 472 ales  418 +12.9%
RD Median Sell Price $937,000 $735,000 +27.4%
Apartments (A) 100 sales 108 sales   -7.4%
A Median Sell Price $540,000 $425,500 +26.9%
Units (U) 102 sales  108 sales   -5.5%
U Median Sell Price $613,500 $490,000 +25.2%
Townhouses (TH) 52 sales 37 sales +40.4%
TH Median Sell Price $650,000 $660,000   -1.5%
Residential Sections (RS) 345 sales  224 sales +54.0%
RS Median Sell Price $343,332 $270,000 +27.1%
Rural (R) 78 sales 63 sales +23.8%
R Median Sell Price $1,325,000 $860,000 +54.0%
Total Sales Numbers 1149 sales  958 sales +19.9%
Value of Sales $ $955,449,725 $668,635,923 +42.9%

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

  • 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $800,000. Sales above $1.0m represented 30.0% of all sales.
  • 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $635,000. Sales above $1.0m represented 16.6% of all sales.

 REINZ Reported sales by price of Queenstown Residential Homes

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

Price Band % of Total Sales 2016 % of Total Sales 2015
<$350,000   0.2%   5.45%
  $351,000 – $450,000   1.9%   8.2%
  $451,000 – $650,000   4.8% 23.7%
  $651,000 – $999,000 48.3% 40.1%
  $1.0m – $1.999m 36.0% 19.1%
  $2.0m plus   8.8%    3.5%

REINZ Reported sales by price covering all property types —

(Homes, Units, Apartments and Townhouses).

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

Price Band % of Total Sales 2016 % of Total Sales 2015
<$350,000   4.8% 11.2%
  $351,000 – $450,000   3.8% 13.7%
  $451,000 – $650,000 16.9% 25.5%
  $651,000 – $999,000 41.4% 30.8%
  $1.0m –      $1.999m 27.0% 14.3%
  $2.0m plus   6.1%   2.5%

REINZ Reported sales by price of Residential Sections.

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

Price Band % of Total Sales 2016 % of Total Sales 2015
<$199,000  1.4%  20.5%
  $200,000 – $299,000 39.7 %  37.1%
  $300,000 – $499,000 33.9%  19.7%
  $500,000 – $749,000 11.6%    9.8%
  $750,000 – $999,000   6.9%    8.9%
  $1.0m – $2.0m   6.5%    4.0%

 Data Source: REINZ. Private & Developer direct sales data not included.

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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.

 

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