REINZ Commentary February 2017: Sales volume for the Central Otago Lakes Region rose 48% compared to January, with sales up 57% in Queenstown and 42% in Central. Compared to February 2016 sales volume fell 9%, with sales down 14% in Central but up 2% in Queenstown. On a seasonally adjusted basis sales rose 4% compared to January, indicating that the lift in sales was larger than expected for February.
The median price across the region rose $168,889 (+30%) compared to February 2016, with prices rising 21% in Central and 9% in Queenstown. Compared to January, the median price rose $95,000 (+15%) with prices rising 9% in Queenstown and 22% in Central. On a seasonally adjusted basis the median price rose 13% compared to January.
The number of days to sell eased 18 days in February, from 35 days in January to 53 days in February. Compared to February 2016 the number of days to sell eased by 12 days. Over the past 10 years the number of days to sell in February across the region has averaged 58 days. There were 23 weeks of supply across the region compared to 21 weeks in January.
REINZ Regional Director, Gail Hudson commented that, “There are fewer first home buyers in the market; a flow on effect from the LVR restrictions on lending which has put some buyers out of the market for the foreseeable future. Investors are also being more cautious with offers generally below vendor expectations. Further there has been a slow-down in the auction market with the pass-in rate rising.”
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 & February 2017 comparing 2016
□ Report compares aggregated sales for the calendar year 2017 v 2016
□ REINZ reported sales. Private / Developer direct sales not included.
|Property Type||Jan & Feb 2017||Jan & Feb 2016||Variance +/-|
|Residential Dwellings (RD)||54 sales||58 sales||-6.9%|
|RD Median Sell Price||$885,000||$915,000||-3.2%|
|Apartments (A)||8 sales||15 sales||-46.6%|
|A Median Sell Price||$382,000||$487,500||-21.6%|
|Units (U)||17 sales||14 sales||+21.4%|
|U Median Sell Price||$635,000||$557,550||+13.8%|
|Townhouses (TH)||11 sales||7 sales||+57.1%|
|TH Median Sell Price||$850,000||$654,000||+29.9%|
|Residential Sections (RS)||17 sales||42 sales||-59.5%|
|RS Median Sell Price||$525,000||$360,000||+45.8%|
|Rural (R)||11 sales||14 sales||-21.4%|
|R Median Sell Price||$1,625,000||$1,675,000||-2.9%|
|Total Sales Numbers||118 sales||150 sales||-21.3%|
|Value of Sales $||$123,126,017||$124,212,787||-0.8%|
January & February 2017 comparing same period Year-to-date 2016:
- 2017 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $805,000. Sales above $1.0m represented 28% of all sales.
- 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $782,000. Sales above $1.0m represented 30% of all sales.
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.