The Queenstown property market finished the year strongly,
with sales volume in December significantly up on recent
years, the Real Estate Institute of New Zealand (Reinz) says.
It was a continuation of strong buyer demand experienced in
October and November at levels not experienced since 2007.
House sales for the last quarter of 2012 - October to
December - were 160. This was up 50% on the preceding year of
The median sale price for the December quarter of $521,000
was also up 5% on the preceding year of $497,000.
Section sales for the last quarter of 2012 were high at 52.
This was more than double the 23 sales for the October to
December quarter in 2011.
Median value of sections was slightly down on the preceding
year and is a reflection of good demand for cheaper sections
from residents to build family homes.
Agents are reporting a good selection of new listings of
property for sale across all price categories and believe the
current momentum will continue over the summer, Reinz
Queenstown spokesman Kelvin Collins said in a statement
''December 2012 recorded 55 dwelling sales and 23 section
sales, which is similar to November 2012 and almost up 100%
on December 2011.
''The combined value of dwellings plus section sales for
December 2012 was $48,997,500, which is 30% up on the
previous month of $37,894,500 and up 100% on the same period
The median sale price of dwellings at $568,000 was similar to
last year, but up 9% on the average median price of the
preceding three months, Mr Collins said.
''This reflects stronger buyer demand at the top end of the
market, with nine sales recorded over $1 million.''