REINZ Commentary——“Sales volume for the Central Otago Lakes Region fell 11% compared to December 2015, with sales down 10% in Central and down 12% in Queenstown. Compared to November sales volume fell 20%, with sales steady in Queenstown but falling 29% in Central. On a seasonally adjusted basis sales fell by 1% compared to November, indicating that the drop in sales were about in line for December.
The median price across the region rose $89,275 (+16%) compared to December 2015, with prices rising 32% in Central and 10% in Queenstown. Compared to November, the median price rose $13,775 (+2%) with prices rising 9% in Central, but falling 10% in Queenstown. On a seasonally adjusted basis the median price rose 4% compared to November.
The number of days to sell was steady at 33 days compared to November. Compared to December 2015 the number of days to sell improved by eight days. Over the past 10 years the number of days to sell in December across the region has averaged 48 days. “
REINZ Regional Director, Gail Hudson commented that, “First home buyers continue to be less active due to the new LVR rules and strong prices across the region, although when a suitable property becomes available there is plenty of activity. Investor interest is not as strong as it was prior to the LVR legislation but there still remains good interest.”
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- December 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- Dec 2016 | Jan– Dec 2015 | Variance +/- |
| Residential Dwellings (RD) | 505 sales | 454 sales | +11.2% |
| RD Median Sell Price | $938,500 | $740,000 | +26.8% |
| Apartments (A) | 104 sales | 111 ales | -6.3% |
| A Median Sell Price | $530,500 | $428,000 | +23.9% |
| Units (U) | 110 sales | 118 sales | -6.7% |
| U Median Sell Price | $622,500 | $490,000 | +27.0% |
| Townhouses (TH) | 53 sales | 40 sales | +32.5% |
| TH Median Sell Price | $650,000 | $665,000 | -2.2% |
| Residential Sections (RS) | 353 sales | 242 sales | +45.8% |
| RS Median Sell Price | $343,333 | $280,000 | +22.6% |
| Rural (R) | 84 sales | 67 sales | +25.3% |
| R Median Sell Price | $1,362,500 | $860,000 | +58.3% |
| Total Sales Numbers | 1,209 sales | 1,032 sales | +17.1% |
| Value of Sales $ | $1,082,066,255 | $723,112,455 | +49.6% |
January –December 2016 comparing same period Year-to-date 2015:
- 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $840,000. Sales above $1.0m represented 33.2% of all sales.
- 2015 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $645,000. Sales above $1.0m represented 17.2% of all sales.
REINZ Reported sales by price of Queenstown Residential Homes
January- December 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$350,000 | 0.1% | 4.8% |
| $351,000 – $450,000 | 1.8% | 7.7% |
| $451,000 – $650,000 | 5.0% | 23.3% |
| $651,000 – $999,000 | 48.0% | 40.7% |
| $1.0m – $1.999m | 36.8% | 20.1% |
| $2.0m plus | 8.3% | 3.4% |
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 | 4.7% | 10.8% |
| $351,000 – $450,000 | 3.6% | 12.8% |
| $451,000 – $650,000 | 17.3% | 27.8% |
| $651,000 – $999,000 | 41.0% | 31.3% |
| $1.0m – $1.999m | 27.5% | 14.7% |
| $2.0m plus | 5.9% | 2.8% |
REINZ Reported sales by price of Residential Sections.
January- December 2016 comparing same period Year-to-date 2015
| Price Band | % of Total Sales 2016 | % of Total Sales 2015 |
| <$199,000 | 1.4% | 19.4% |
| $200,000 – $299,000 | 38.9% | 37.2% |
| $300,000 – $499,000 | 33.7% | 21.2% |
| $500,000 – $749,000 | 11.9% | 9.9% |
| $750,000 – $999,000 | 7.3% | 8.6% |
| $1.0m – $2.0m | 6.8% | 3.7% |
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 