QUEENSTOWN MARKET REPORT
APRIL2024
Wri�en:23rd April2024
SourceofdataforthisreportisRealEstateIns�tuteofNewZealand(REINZ)publisheddataunlessotherwisestated. NotetheApartmentsalescountarealsoincludedinthedwellingsalescount.
Queenstown–What’sHappening
Events,sportingandofthearts,havetakenalittlebreatheroverthelastfewweeksas summerisnowleftbehind.
ThenextbigeventisthealwayspopularArrowtownAutumnFestivalrunningfrom25th to 28th April2024.
TheAutumncolorsarenowinfullswing,remindingusyetagainthatwereallydoliveina specialpartoftheworld.
QueenstownAreaRealEstateSalesSta�s�csMarch2024 Mar24 Feb24 Mar23 Feb23 DwellingSales 66 52 70 56 ApartmentSales 5 7 2 4 Sec�onSales 6 50 5 4 Lifestyle(Rural)HomeSales 1 3 1 3 Lifestyle(Rural)LandSales 2 1 2 1 QueenstownAreaSalesTotals 75 106 78 64 MedianResiden�alDwellingPrice $1,357,500 $1,560,000 $1,420,000 $1,397,500 MedianResiden�alDwellingDaystoSell 42 50 45 60 MedianResiden�alLandDaystoSell 61 308 73 125 MedianApartmentDaystoSell 21 74 99 91 SalesOver$2Million 18 19 16 12 SalesOver$3Million 8 8 8 5 SourceREINZRuralandResiden�alDatabasesandREINZMedianReportR200
QueenstownSales(Summary)
Queenstownrecorded75salesofresidentiallandandhomesforthemonthofMarch 2024.Marchistypicallythemonthofpeaksalesactivityfortheyear.GivenFebruary’s salesstatisticscontaining41newtitlelotsatHandleyfarm,itismoremeaningfulto comparetheshiftsindwelling(only)sales.March2024recorded66DwellingSales,27% uponFebruary’s202452sales,but4%downonthe70forthesamemonthlastyear. March2024salesnumberswereconsistentwiththesamemonthovertheprevioustwo years.
Mediandaystosellforresidentialdwellingsloweredfrom50daysforFebruary2024to42 daysforMarch2024.Thiscontinuesthetrendofalowermediandaystosell,indicating thatsalesofhomesareproceedingatarelativelyhealthyrate.
MediandwellingpriceisalwaysmoreunstableforQueenstownsalesthanforotherNew Zealandregions.Queenstown’swiderangingpropertyvaluesdoesgenerateavariable mediansalepricevalue.ThemediansalepriceforMarch2024at$1,357,500isconsistent withthenormalrangeestablishedoverthelast18monthsof$1,300,000to$1,400,000.
AlthoughMarch’smedianwasdown13%comparedtoFebruary2024,itwasdownaminor 4.4%comparedtothesamemonththeyearbefore.Themediansalepriceremainshealthy.
232newlistingstotheQueenstownmarketforMarch2024areasignificant17%upon198 forthesamemonthlastyear,althoughfractionallydown0.9%comparedto234forlast month.
Inventory,orthenumberofweekstosellthecurrentlistingsatthecurrentrateofsales, hastakenasignificant7.7%increasefrom26weeksforFebruary2024to28weeksfor March2024.ComparedtoMarch2023’s17weeks,thereisa65%increase.
TotallistingsintheQueenstown-WanakaDistrictareathighnumbersof814forMarch2024, comparedtothelasthighsince2016of860propertiesbeingforsaleinMarch2021.
Highnewlistings,nearpeaktotalnumbersoflistingsoverthelastsevenyears,and increasinginventory,mayindicateaswinginthesupply-demandbalanceawayfromsellers.
Insummary,goodnumbersofsalesareoccurringandsalesvaluesareveryhealthy,although numbersofpropertiesforsaleandinventoryhaveincreasedsharply.Mediandaystosellare currentlyhealthy,butthereispossiblyatrendofdaystosellincreasing.Thesemetricsdo pointtoachangeinthesupplyanddemandbalance.
NationalSales(Summary)
Nationally,numbersofresidentialdwellingsaleshaverisenbothmonth-on-monthand year-on-year.6,521salesofdwellingsoccurredinMarch2024,an8.0%increasefrom March2023anda7.4%increasefromFebruary2024.
NationalmedianhousepriceforMarch2024increased1.1%fromFebruaryand2.7%from March2023.
Nationallistingshaveincreased23.9%fromMarch2023.
Nationally,themarketappearstobestimulatedwiththeincreaseinpropertiesforsale, withthebestsalesnumberssinceMarch2022.
JenBaird,CEOfortheRealEstateInstitutestates“Thecurrenteconomicenvironmentwith higherinterestratesandsomeuncertaintyinthejobsmarketwillmeansomebuyers remaincautious,withpricesstillofftheirpeaksfromacoupleofyearsago,however growingnumbersofbuyersareactingnow.Mostagentsarecautiouslyoptimisticthat marketactivitywillcontinuetopickupaswemoveintothecoolermonths.”
[SeeREINZreport]
PropertyManagement
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Thesupplyofresidentialpropertiesforlethastakenasignificantincreaseinthelast month.Thismonthour www.trademe.co.nz searchforresidentialpropertiesforletisat61 properties,comparedto41forFebruaryand25forJanuary2024.Supplyisreturningto themarketataratethatisfastcomparedtoavailabilitysincelate2022.Thisincreasein supplywillaltermarketrents.
HolidayHomeAccommodation
QueenstowncontinuestoseestrongnumbersoftouristsforAprilandourHoliday Accommodationbookingscontinuetoexperiencegoodnumbersthroughtotheendof April.ThisstrongdemandforAprilbookingsisindicativeofagrowingtrendintheholiday accommodationmarket.Inthepast,demandforholidayhomeshastypicallydroppedafter Easter,howeverwearenowseeinganincreaseinbookings.
Luise andherteamnowtakeadvantageofthelowerdemandandruntheirscheduled seasonalmaintenanceworksanddeepcleansfromnowthroughtoearlyJuneaswetake advantageofincreasedvacancyintheproperties.
ClickHeretobookyour nextQueenstownholiday
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