Buying a house or section in Queenstown and Arrowtown
appeared to be a New Year's resolution for more people than
last year, according to the latest real estate sales figures.
There were 56 house sales in the Wakatipu in January this
year compared with 34 house sales in the same month the year
There were also 18 section sales compared with 13 in January
Queenstown real estate sales statistics for the month of
January 2014 found it took an average of 39 days to sell a
dwelling, including apartments, last month, compared with 57
days in January 2013.
Sections took on average 82 days to sell in January, faster
than 147 days on average in the same month last year.
However, the median sale price for dwellings in January 2014
was $512,500, less than $562,500 in January 2013.
Real Estate Institute New Zealand Queenstown spokesman Kelvin
Collins said many buyers who had been looking for some time
were now acting, often resulting in multiple offers being
made for new listings, especially below $500,000.
''The demand was at both ends of the market, with strong
activity under $500,000 from first-home buyers and
investors,'' Mr Collins said.
''There is a shortage of rental property and many new
residents to the region are being forced to consider buying
instead of renting.
''There was also stronger activity in the upper sector of the
market with nine sales occurring over $1.5 million. These
were to both local residents and people moving to the region
for lifestyle reasons.''
Mr Collins said the majority of section demand was at Jacks
Point from residents looking to build.
The demand reflected a tightening of listings for family
homes and purchasers looking to build as an alternative to
buying established homes.
Dave Fea, Queenstown agent for Bayleys Realty Group, said
there were 280 sales in the past six months, down slightly on
287 sales for the same period last year and 222 for the
During the past 12 months there were 619 sales, compared with
585 in 2012 and 460 for 2011.
The total value of residential housing sales during 2013 was
$376.6 million, compared with $377.4 million for the same
period the previous year.