QUEENSTOWN MARKET REPORT
MAY2024
Wri�en:21st May2024
SourceofdataforthisreportisRealEstateIns�tuteofNewZealand(REINZ)publisheddataunlessotherwisestated. NotetheApartmentsalescountarealsoincludedinthedwellingsalescount.
Theweatherhasbecomecold,and,afteraseriesoffronts,ourmountainshavebecome white,andsomeareasoftheBasinfloorhavereceivedsnow;portentsaregoodforour snowsportsseason.Ourthreelocalskifieldsarescheduledtoopen15June2024fingerscrossedforplentifulsnow.
Ifoursummerseasonfeltbusywithtouristnumbers,itwas-QueenstownAirport Corporationreleasingitsvisitornumbers,betweenJanuaryandApril2024898,519 passengersmovedthroughtheairport,anincreaseof7.5%fromthesamemonths2023. TheAirportCorporationalsostatedthatinthe12monthstoFebruary2024,266,000 AustraliansarrivedinQueenstown,buckingthetrendwherefewerAussieshadvisited otherregionsofNewZealand.
QueenstownAreaRealEstateSalesSta�s�csApril2024 Apr24 Mar24 Apr23 Mar23 DwellingSales 55 66 77 70 ApartmentSales 1 5 28 2 Sec�onSales 8 6 1 5 Lifestyle(Rural)HomeSales 1 1 1 1 Lifestyle(Rural)LandSales 1 2 2 2 QueenstownAreaSalesTotals 65 75 81 78 MedianResiden�alDwellingPrice $1,490,000 $1,357,500 $1,055,125 $1,420,000 MedianResiden�alDwellingDaystoSell 47 42 66 45 MedianResiden�alLandDaystoSell 11 61 30 73 MedianApartmentDaystoSell 52 21 89 99 SalesOver$2Million 14 18 14 16 SalesOver$3Million 4 8 9 8
SourceREINZRuralandResiden�alDatabasesandREINZMedianReportR200
Queenstown–What’sHappening
QueenstownSales(Summary)
Queenstownrecorded65salesofresidentialpropertyforApril2024,some15%downon March2024and20%downonApril2023.Salesvolumeistrendingdownbothmonth-bymonthandcomparedtoMarchandApril2023.Salesnumbersremainhealthy,butclearly theeffectsoftheeconomicslowdownarebeingfeltinQueenstownrealestatesales.
Mediandaystosellaresidentialhomeisalwaysalittlevolatile,butthereisanupward trendfrom37daysinOctober2023to47daystosellaresidentialhomeforApril2024.
OfnoteisthatApril2023mediandaystosellahomewasat66days,April2024was29% lower.Homesaretakingalittlelongertosell.
MedianSellPriceforresidentialhomesforApril2024at$1,490,000is10%upfromthe monthbefore,and42%upforthesamemonthlastyear.
139newlistingstotheQueenstownLakesDistrict(WanakaandQueenstown)forApril 2024wasadecreaseof40%fromthemonthbeforeandadecreaseof29%fromthesame monthlastyear.Partofthedecreaseinnewlistingsisexplainedbyseasonality,theother partistheburstoflistingacrossFebruaryandMarchseemstohaveended.Inturnthe burstoflistingsinSeptember–AugustandFebruary-Marchwereexplainedbythe hesitancytolistduringtherunuptotheelections.
ThetotalnumberoflistingsintheQueenstown–WanakaDistrictremainatelevatedlevels butaredownfromthehighsofFebruaryandMarchto760propertiesinApril2024. Inventory,orthetimeitwilltaketosellcurrentlistingsattherateofcurrentsales,haslowered from28weeksforthepreviousmonthto22weeksforApril,indicatingabalancinginsupply anddemand.
Thenumberofnewpropertiestomarkethasslowed,ashasthenumberofsales.Sales numbersremainhealthy,althoughatlowerlevelsthanpreviousmonthsandasignificant20% downonApril2023.Medianhousepricesremainremarkablyhigh,indicatingthathome valuesareincreasing.ThecoolingeconomyisaffectingtheQueenstownrealestatemarket, butthemarketremainsactiveandhealthy.
NationalSales(Summary)
Salesnumbersofresidentialrealestatenationallyaredown17%comparingMarch2024 saleswith5,559salesnationallyforApril2024.AlthoughAprilsalesareup5%compared toApril2023sales.KeepinmindthatApril2023wasalowsalesperiodaftertheeffectsof cyclonesHaleandGabrielle.
NationalmedianhousepriceforApril2024isat$790,000,1.2%downcomparedtoMarch and1.3%upcomparedtothesamemonthlastyear.Thenationalmedianhousepriceis stable.
JenBairdCEOfortheRealEstateInstituteofNewZealandstatesthat"themarketis subdued,despitenationallyseeinghighersalescounts,propertiessellingmorequickly, increasedstocklevels,andmorelistings,comparedtoayearago.Theseincreasesarea contrastwiththemuchlowermeasuresseeninApril2023,followingtheimpactsofweather eventslikecyclonesHaleandGabrielle,butarebelowtheaverageforthistimeofyear longer-term.” [SeeREINZreport]
KylieBrown MeganPalmer StephanieDrader
ThesupplyofQueenstownresidentialpropertiesforlethasbeenincreasinginrecent monthsbuthasdecreasedfrom63availablelastmonthto43propertiesavailableforMay 2024.
Supplyhasbeenincreasing,althoughitisdowncomparedtolastmonth.Weexpectthere willbereducedavailabilitywithinthemonthassnow-seasonworkerstakeonproperties.
HolidayHomeAccommodation
Mayisaquietmonthforholidayaccommodation,summervisitorshavegone,andwinter visitorsareyettoarrive.Thisisouropportunitytodeepcleanhomes,rundetailed inspections,andworkonthemaintenancerequirementsthathavebuiltupoversummer.
Thefirstfourmonthsofthisyearhavebeenamongstourbusiest,asthestrongvisitor numberswouldsuggest.Holidayhomesarepopularwiththemarket.
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