QUEENSTOWN MARKET REPORT
MARCH2024
Wri�en:26th March2024
SourceofdataforthisreportisRealEstateIns�tuteofNewZealand(REINZ)publisheddataunlessotherwisestated. NotetheApartmentsalescountarealsoincludedinthedwellingsalescount.
Queenstown–What’sHappening
Autumnhasstarted,ourworld-famousgoldencoloursareemerging,thedaysshortening, andthetemperaturesslowlylowering.
Lastmonth,Queenstownexperiencedperhapsthepeakintheannualactivitieswiththe GibbstonMusicFestival,theNZGolfOpen,andTheMotutapuraceevents.Alleventswere stronglysupporteddrawingvisitorsfromallovertheworldandthey,again,wereallvery successful.ThegolfinparticularcreatedNewZealand’smostimpressiveparkinglotwitha spectaculararrayofprivatejetslinedupattheairport.
Easteristhiscomingweekend,andweexpectthenormalinfluxofnationalvisitorstojoin theveryhealthynumbersofinternationalvisitorsalreadyhereaswedrawinthelastofthe warmthbeforewinter.
QueenstownAreaRealEstateSalesSta�s�csFebruary2024 Feb24 Jan24 Feb23 Jan23 DwellingSales 52 27 56 24 ApartmentSales 7 2 4 2 Sec�onSales 50 7 4 1 Lifestyle(Rural)HomeSales 3 2 3 1 Lifestyle(Rural)LandSales 1 1 1 0 QueenstownAreaSalesTotals 106 37 64 26 MedianResiden�alDwellingPrice $1,560,000 $1,165,000 $1,397,000 $1,385,000 MedianResiden�alDwellingDaystoSell 50 26 60 58 MedianResiden�alLandDaystoSell 308 79 125 263 MedianApartmentDaystoSell 74 26 91 324 SalesOver$2Million 19 4 12 8 SalesOver$3Million 8 3 5 3 SourceREINZRuralandResiden�alDatabasesandREINZMedianReportR200
QueenstownSales(Summary)
Queenstowndeliveredastellarmonthforrecordedsaleswith106salesofresidential properties.Ofnoteisthat41ofthosesalesareHanley’sFarmnewtitleresidentialsections; withouttheseextra-ordinarysales,therewouldhavebeen65saleswhichwouldhavebeen verycomparabletothe64salesrecordedforFebruary2023.Eitherway,February’s activitywasabigjumpfrom37salesforJanuary2024.
Mediandaystosellhasbeengenerallytrendingdown,thoughithastickedupwardsto50 daysforFebruary2024whichisperhapsaseasonalcycleassalesslowduringthe December–JanuaryChristmas-NewYearholidayperiod.
Mediansalespricehasbrokenthedownwardtrendforthelastthreemonthswithaleapup to$1,560,000;arecordmedianforQueenstown.Thisisa26%increasefromJanuary 2024’s$1,165,000.Januarywaspossiblyalittleabnormalastherewasaclearreductionin thenumberofhigher-valuehomes,deliveringalowmediansaleprice,andthiscorrected throughFebruary.
Theaverageaskpricehasdipped,perhapsinresponsetoourhigher-endproperties experiencingaslowdownintherateofsalesoverthelastfewmonths.
Newlistingstomarketreached234forQueenstownLakes(WanakaandQueenstown) comparedto171forJanuary2024.Totalnumbersofpropertieslistedwith www.realestate.co.nz haveincreasedsome9%comparedtoJanuary2024andinventory,or theperiodrequiredtosellthecurrentnumberoflistingsatthecurrentrateofsales,remains steadyat26weeks.
Insummary,salesnumbersarehealthybutnotextraordinary;newlistingstomarkethave increasedwhichisclearlystimulatingbuyeractivity.Althoughhigher-valuesalesslowed throughDecemberandJanuary,therecordmeansalespriceof$1,560,000and19salesover $2,000,000suggestthathigher-valuehomesarealsonowparticipatinginthemoreactive tradingconditions.
NationalSales(Summary)
Nationally,salesactivitytookabigliftfromaverylowvolumeJanuary2024;5693sales wererecordedforFebruary,averyhealthyincreaseof37.9%fromFebruary2023anda stunning81.8%liftfromJanuary2024.
Similarly,listingsincreasedto11,788;a44.8%increasefromFebruary2023anda60.4% increasefromJanuary2024.
Itappearstheincreaseinlistingshasgenuinelystimulatedsales.
JenBaird,CEOfortheRealEstateInstituteofNewZealandstates“Overall,thedatapaints apictureofamoreactivehousingmarketinNewZealand,characterizedbyincreasing listings,robustsalesactivity,expandingstocklevels,andgrowthinpropertyprices” [SeeREINZReport]
PropertyManagement
Thesupplyofresidentialtenancypropertieshasimprovedwith41listingsshowingas availableforleton www.trademe.co.nz;thisisanotableincreaseinavailabilityofabout25 propertiesoverthelastthreemonths.Thisincreasedsupplywillbeawelcomerelieffor tenantsinsearchofproperties.Weexpectthatthiswillremovepressureonrentsfor tenantsandalleviatewhathasbeentwoyearsofchronicshortage.
HolidayHomeAccommodation
Ourgueststaynumbersremainconsistentlystrong,althoughafterEasterourreservations doeasewiththeshouldertouristseason.Thisnowallowsustoreviewpropertyconditions, carryoutdeepcleaningcycles,andcarryoutmaintenanceactivitiesthatareotherwise impossiblethroughtheshortturnaroundsbetweengueststaysthroughpeakseason.
We’rethrilledtoannouncethat Bookabach hashonouredoneofourpropertieswithaspot intheiresteemedTop10NewZealandHolidayHomesfor2024.
Thisprestigiousawardreflectsourcommitmenttoexcellence;Bookabachassesstheir awardonhighcustomerstarratingsof4.5orhigher,positivereviews,andexceptional spacesandamenities.
Ouraward-winningteamhasworkedhardonthiswonderfulachievement,andwecouldn’t bemoreproudoftheirhardwork.
Aheartfeltcongratulationstoourhomeowners;theyhavecreatedtheirdreamholiday homethattheyallowotherstoshare,anditisaprivilegetobeabletomanagethis remarkablehomeontheirbehalf.
ClickHeretobookyour nextQueenstownholiday
Connectwithour PropertyManagementTeam today
KylieBrown MeganPalmer StephanieDrader
ProfessionalsAwardWinningTeam
FindoutwhyLocalsLoveusingtheProfessionalsTeam forsellingtheirhome.
Ourawardwinningteamisreadytohelpyouwithall yourrealestateneeds.
Talkwithusaboutyourbestmarketingandsellingoptionsforyourhome today.
FINDOUTMORE
AdrianSnow PrincipalAgentandDirectorAREINZMNZIS
+6434427747
+6434427746
+64212717353
adrian.snow@professionals.nz
www.professionals.co.nz/queenstown www.queenstownholiday.nz
WeareFisken&AssociatesLtd LicensedREAA2008 VisitusatShop1,10MunroRoad,Frankton,Queenstown SendtousPOBox559,Queenstown9348
Likeuson
ProfessionalsQueenstown RealServiceRealResults ProfessionalsQueenstown Fisken&AssociatesLtd LicensedundertheREAAct2008 Shop1,10MunroRoad,Frankton POBox559,Queenstown +6434427747 queenstown@professionals.nz facebook.com/ProfessionalsQT professionals.co.nz/queenstown