Wri�en:26th August2024
SourceofdataforthisreportisRealEstateIns�tuteofNewZealand(REINZ)publisheddataunlessotherwisestated. NotetheApartmentsalescountarealsoincludedinthedwellingsalescount.
Itisallaboutthesnowatthistimeofyear.Thesnowishereandsoareallthevisitors.
Allourlocalmountainsareinoperationcateringtofullnumberswithexcellentsnow conditions.
Lastweekcountry-popsingerKayleeBellperformedaCoronetPeakconcerttoa4000personaudience,the50th CoronetPeakDogDerbyranitscoursewitheventsformen, women,children,workingdogsandthefinaleventbeingtheBarkOffatCanyonBrewery. Thisweekthe11-dayWinterPrideFestivalisinfullswing,andTheWinterGamesNZruns 23Augustto11September.
QueenstownSales(Summary)
Junerecordedalowerthanexpected39sales,withJulyrecordingastrongmonthwith75 sales.July’s75salesbeingaverysignificant67%increasefrom45forJuly2023,and year-to-datesalesfor2024areaheadofthosefor2022and2023.
Mediandaystosellaresidentialhomeremainsrelativelystablethrough2024comparedto arelativelyvolatile2023.MediandaystosellforJuly2024isat46days,up3daysfrom June2024at43daysanddown4daysfromMay2024at50days.
Medianresidentialdwellingsalepricehasremainedremarkablystableoverthelast12 months.Thelast4monthsrangingfrom$1,357,500to$1,490,000,withthemonthofJuly 2024recordedat$1,380,000down2.5%comparedtoJune2024at$1,412,000anddown 1.4%comparedto$1,400,000forJuly2023.
NewlistingsforSouthernLakes(WanakaandQueenstown)followexpectedseasonaltrends, droppingfromsummerpeaktowinterlows. www.realestate.co.nz report168newlistingsfor July2024,up55%fromJuly2023at108.Thereare701propertiesonthemarketforJuly 2024acrossQueenstownandWanaka,up32%from530forJuly2023.
Inventory,ortherateofsaleofcurrentstock,atJuly’ssalesrateisnowup100%to35weeks from17weeksforJuly2023.Thesalesnumbersareup67%comparedtothesametimelast year,perhapsstimulatedbyincreasedstockandnewlistings.
Sentimentisthatthereremaingoodnumbersofbuyersactiveinthemarketforthelowto mediumpriceproperties,butactivityissluggishforhigherpricedhomeswherebuyers appeartobecautious.
Insummary,Queenstown’srealestatemarketishealthy.Themarketappearstohave anticipatedtheReserveBank’sreductioninOfficialCashRate.Year-to-datesalesnumbersis aheadoftheperiodfortheprevioustwoyears,mediandaystosellisstable,andmedian housepriceisstableandataNewZealandregionalhighat$1,380,000.Therearegood numbersofnewlistingstomarketwhichappearstobestimulatingsalesforpropertiesupto themedianhouseprice.
Wenotehighnumbersofhomeslistedforsalefrom$2,000,000withrelativelylowsalesof propertiesofthesehighervaluehomeswithonlytwohomesinthe$2,000,000to $3,000,000rangesellingforJuly.
TheRealEstateInstituteofNewZealand(REINZ)monthlypropertyreportpresentsthe themeof“GreenShoots”withincreasesinbothsalesnumbersandlistings:
REINZChiefExecutiveJenBairdsaid“Julybroughtanewwaveofbuyeractivitynot typicallyseeninlatewinter.Whilelistingscontinuetoincrease,theriseinsalesvolumes hasseenthetotalnumberofpropertiesforsaleinNewZealandfallcomparedtolast month.However,medianpriceshavedecreasedby2.2%nationallycomparedtoayear ago,indicatingthathousessoldatalowerpriceinJuly.Thetotalnumberofpropertiessold inNewZealandincreasedby14.5%year-on-year,from5,070to5,806.” [REINZReport]
Thesupplyofpropertiesavailableforrentpeakedat63propertiesinApril2024,reducing to36forJun2024andincreasingto45forJuly2024,accordingtooursurveyof www.trademe.co.nz rentallistings.
Thenumberofpropertiesavailableforrentarefollowingexpectedseasonaltrends.Now thedemandiseasingafteraperiodofpeakdemandforwinterseasonvisitorsand workers.Notablythough,halfofthecurrentlistingsarefor1-and2-bedroomproperties andtherearenumberofhighervaluehomesathighaskrentsthatarenotfindingtenants. Rentsingeneralhavestabilizedandeasedfromthepost-Covidhighswithoverpriced homesnotrenting.Thereseemstobeabalancewithsupplyanddemand.
KylieBrown MeganPalmer StephanieDrader
HolidayHomeAccommodation
Thewinterseasonhasbeenrunning(generally)atgoodoccupanciesalthoughlarger homesnewtotheHolidayAccommodationmarketthiswinterhavebeenslowwith bookingsashasthewideraccommodationindustry.
Itappearsasthoughearlyreservationsforthiswinterseasonwerestrong,butthelateor last-minutebookingshavebeenweak.Perhapspotentialsnowsportsvisitorshadbeen waitingforthesnowtoarrive,ortheeconomicconditionsareseeingmorefamiliesskipa winterholidaythisyear.
Thisbusinessmodelcontinuestogrowinpopularityforbothvisitorsandhomeowners alike.
Contactour award-winningmanagementteam tolearnmoreabouthowyoucangenerate incomefromyourholidayhomeandenjoytheuseofyourhomewhenyouwant.
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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
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