August property sales in the Wakatipu were the lowest since
January but Real Estate Institute of New Zealand Queenstown
spokesman Kelvin Collins saidit was ''hard to read too much
into one month's reduced volume''.
Mr Collins said there were 49 dwelling sales in the resort
last month - down 20% on August 2012, and nine section sales
which was ''half of August 2012''.
The combined value of dwellings and section sales had also
decreased, to $24,209,216, down 25% on last year, he said.
''It could be a reaction to the new LVR [loan to valuation
ratio] rule, the shortage of quality well-priced property for
sale or just winter.
''The strongest demand has continued to be from first-home
buyers, although this sector is becoming less discerning on
quality and purchasing on affordability.''