Queenstown. Photo by The New Zealand Herald.
Property sale volumes in Queenstown for September have
settled at similar levels to August, but are down compared with
previous activity during the year, the Real Estate Institute of
New Zealand says.
Queenstown spokesman Kelvin Collins said it could be a
consolidation of the market while buyers and banks get a
better understanding of the change in loan-to-value ratio
Sales varied from $110,000 for a central Queenstown studio
apartment to $2,450,000 for a lifestyle property.
The majority of demand was between $350,000 and $500,000 from
owner-occupiers. There were several section sales below
''Builders are experiencing good demand and the region needs
around 300 new properties a year to cater for the population
growth,'' Mr Collins said.
''Agents are reporting good volume of listings which should
follow through to increased sales activity during summer.''
In September 2013 39 dwelling sales were recorded, which is
at similar levels to last month and September 2012.
There were 14 section sales in September 2013, slightly up on
the previous year.
The combined value of dwellings plus section sales for
September 2013 was $27,997,877, down about 12% on last year,
reflecting greater activity at the lower end of the market,
Mr Collins said.
''Median sale price of dwellings at $500,000 is down on last
year but up on last month. This reflects the fluctuations
from low sales volume.''