REINZ Commentary March 2017: “Sales volume for the Central Otago Lakes Region rose 9% compared to February, with sales up 16% in Queenstown and 5% in Central. Compared to March 2016 sales volume fell 2%, with sales up 21% in Central but down 22% in Queenstown.  On a seasonally adjusted basis sales rose 9% compared to February.

The number of days to sell improved 16 days in March, from 53 days in February to 37 days in March.  Compared to March 2016 the number of days to sell eased by six days. Over the past 10 years the number of days to sell in March across the region has averaged 56 days.   There were 24 weeks of supply across the region in March, in line with the level of inventory in March 2016.”

REINZ Regional Director, Gail Hudson noted that: “The number of first home buyers active in the market continues to decline, with prices in Queenstown similar to Auckland prices. Banks continue to make lending challenging to most purchasers. Vendors are also noticing a change in the market with fewer attendees at open homes; however prices have eased only slightly.”

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 – March 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-March 2017 Jan- March 2016 Variance +/-
Residential Dwellings (RD) 96 sales  116 sales  -17.2
RD Median Sell Price $959,500 $906.000  +5.9
Apartments (A) 17 sales 21 sales -19.0
A Median Sell Price $570,000 $487,000 +17.0
Units (U) 25 sales  25 sales    n/c
U Median Sell Price $665,000 $550,000 +20.9
Townhouses (TH) 16 sales 13 sales +23.0
TH Median Sell Price $860,000 $654,000 +31.5
Residential Sections (RS) 32 sales  74 sales  -56.7
RS Median Sell Price $510,326 $387,500 +31.7
Rural (R) 23 sales 16 sales +43.7
R Median Sell Price $1,950,000 $1,325,000 +47.1
Total Sales Numbers 209 sales  265 sales  -21.1
Value of Sales $ $239,779,913 $215,325,756 +11.3

January – March 2017 comparing same period Year-to-date 2016:

  • 2017 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $850,000. Sales above $1.0m represented 34.4% of all sales.
  • 2016 YTD median sell price residential dwellings all types (home, unit, apartment, townhouse) $800,000. Sales above $1.0m represented 30.8% 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.

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