Property sales are on the rise in Queenstown, with a 23% increase in the volume of house sales in the period from April to June compared with the corresponding period last year.
Real Estate Institute of New Zealand Queenstown spokesman Kelvin Collins said there were 157 sales in the second quarter of 2012, compared with 127 in the second quarter of 2011, and section sales remained stable - 38 for both periods.
In the June Queenstown Real Estate Report, Mr Collins said the median sale price of houses over the quarter was $535,000, up 2% on $520,000 in 2011.
June sales were up on the corresponding month last year, but at a reduced level to April and May activity.
"This is expected for this time of year as we enter winter.
"The strongest activity was again in the family sector of the market between $500,000 and $700,000, which follows [May's] trend."
However, agents were reporting a drop in new listings for sale, and properties under $450,000 were "especially tight".
Mr Collins said the median sale price of dwellings, $500,000, was down on May 2012, but reflected several sales of low value, small apartments.
"The rolling average of the last three months is $535,000."
Queenstown real estate sales report: June 2012
Number of Sales
Dwellings*: June 2012: 42; May 2012: 65; June 2011: 35
Sections: June 2012: 11; May 2012: 15; June 2011: 13
TOTAL: June 2012: 53; May 2012: 80; June 2011: 48
Value of Sales
Dwellings: June 2012: $25,028,000; May 2012: $49,198,999; June 2011: $24,527,000
Sections: June 2012: $3,647,000; May 2012: $4,412,750; June 2011: $6,042,000
TOTAL: June 2012: $28,675,000; May 2012: $53,611,749; June 2011: $30,569,000
Median Selling Price
Dwellings: June 2012: $500,000; May 2012: $525,000; June 2011: $535,000
Sections: June 2012: $320,000; May 2012: $235,000; June 2011: $275,000
Median Days to Sell
Dwellings: June 2012: 81; May 2012: 48; June 2011: 42
Sections: June 2012: 269; May 2012: 69; June 2011: 140
(* All Dwellings figures include apartments)
