Increased sales of managed apartments was the highlight of
the Queenstown property market in December, according to the
latest sales report by the Real Estate Institute of New
Sales of managed apartments accounted for 25% of the market
and were mostly one and two bedroom apartments under
This reflected stronger demand from buyers with discretionary
funds looking for an investment, but also the flexibility to
use them for a few weeks every year, institute Queenstown
spokesman Kelvin Collins said.
The median sale price reduced to $517,500, pulled down by the
under-$400,000 managed apartment segment.
There were 53 residential property sales in December, which
was the same volume as in the previous month.
Mr Collins said there were eight sales of property selling
for more than $1 million.
''Demand in this sector of the market has continued to be
good, especially for property with an X-factor.''
Section sales were quiet, with only three sales compared to
13 the previous month.
Residential dwelling and apartment sales totalled 52 in
December compared with 40 in November.
''[However] agents are reporting lower listings than last
summer,'' he said.
Rental property also remains tight, with very few vacant
properties and strong demand resulting in a lift in rents of
about 10% during the year.