QUEENSTOWN MARKET REPORT
JUNE2024
SourceREINZRuralandResiden�alDatabasesandREINZMedianReportR200
Wri�en:21st June2024
SourceofdataforthisreportisRealEstateIns�tuteofNewZealand(REINZ)publisheddataunlessotherwisestated. NotetheApartmentsalescountarealsoincludedinthedwellingsalescount.
ThesnowhassettledandRemarkables,CoronetPeakandCadronaskifieldsarenow open,althoughwithlimitedskiingsofar.
Theskiersarebeginningtoarrive,andweexpectthenumberswillsurgewithAustralian schoolholidaysrunningfrom24Juneto16July,andthenboostedwithNewZealand schoolholidays10th to25th ofJuly.
Fornow,townisquietbutthatisabouttochange.
QueenstownAreaRealEstateSalesSta�s�csMay2024 May24 Apr24 May23 Apr23 DwellingSales 60 55 58 77 ApartmentSales 4 1 10 28 Sec�onSales 8 8 8 1 Lifestyle(Rural)HomeSales 2 1 1 1 Lifestyle(Rural)LandSales 0 1 0 2 QueenstownAreaSalesTotals 70 65 67 81 MedianResiden�alDwellingPrice $1,443,000 $1,490,000 $1,297,500 $1,055,125 MedianResiden�alDwellingDaystoSell 50 47 68 66 MedianResiden�alLandDaystoSell 62 11 49 30 MedianApartmentDaystoSell 127 52 75 89 SalesOver$2Million 17 14 11 14 SalesOver$3Million 9 4 5 9
Queenstown–What’sHappening
QueenstownSales(Summary)
Queenstownrecorded70salesofresidentialpropertyforMay2024,some8%uponApril 2024andsome4%uponMay2023;thedownwardtrendofsalesfor2024mayhave broken.Year-to-date(May)salesforQueenstownare12%upforthesameperiod2023, and21%upforthesameperiod2022.Thisyearisofftoastrongstart,aidedwiththe releaseof41Hanley’sFarmsectionsinFebruary.
Mediandaystosellaresidentialhomehascreptbackto50days.LastseeninFebruaryof thisyear,but15%upfromthelowof42daysforMarch2024,reflectingthatpurchasersare takingadvantageofeasedeconomicconditionsandaretakingmoretimetoact.
Theresidentialhomemediansalepricemaintainsastablebandoverthelast18months andhasbeenconsistently$1,350,000to$1,450,000forthelastfourmonths.May’s medianresidentialhomesalepriceis$1,443,000,11%upfromMay2023at$1,297,500.
AverageAskPriceaspublishedby www.realestate.co.nz,likemedianprice,isrelatively stablefromDecember2023toApril2024runningintheband$1,500,000to$1,600,000, buttherehasbeenadropofsome9%fromApril2024toMay2024at$1,450,755.
NewlistingstotheQueenstown-Lakesmarket(WanakaandQueenstown)is147,6%upfrom April2024andinlinewithnormalseasonalpatternsofdecreasedlistingnumbersacrossthe wintermonths.Inventory,ortheperiodrequiredtosellthecurrentnumberoflistingsatthe currentrateofsales,hasincreasedto24weekscomparedtoalowpointininventoryforApril 2024at22weeks.
Insummary,theQueenstownrealestatemarketishealthy,year-to-datesalesisthehighestin threeyears,monthlysalesarestable,medianhousepriceisstableandatnearrecordlevels, andmediandaystosellhasslowedcomparedtoactivityoverthelastsevenmonths. Itwouldappearasthoughthemarketismostlybalanced,andpricinghasstabilized. Whetherbuyingorselling,nowgenuinelyisagoodtimetoact.
NationalSales(Summary)
TheRealEstateInstituteofNewZealand(REINZ)monthlypropertyreportstatesthatthe May2024datashowsanationalandregionalincreaseinlistingsandsalescountswhile mediansalespricesstabilize. [REINZReport]
REINZChiefExecutiveJenBairdsaysthemarketshowsageneralthemeofmorethis monthwithhighersalescounts,increasedstocklevels,morelistings,andpropertiesselling morequicklythanayearago.Theseannualincreasescontrastwithcurrentchallengesin securingfinance,changesinthejobmarket,andthewaitonOCRandinterestrate changes.
Forthoseofyoulookingforacrystalballastowhattoexpectfromtheeconomy,finance andtherealestatemarket, TonyAlexander’sEconomicreport20June2024 offersafrank andhelpfulassessmentthatyouwillbeunlikelytoseefromcorporateorGovernment economists.
KylieBrown MeganPalmer StephanieDrader
Thesupplyofpropertiesavailableforrenthasreducedfrom63propertiesinMarch2024 to36forMay2024fromoursurveyof www.trademe.co.nz rentallistings.
Theincreaseinpropertiesavailableforrentisaseasonalresponseassummerworkers leaveandweawaitthearrivalofourwinterworkers,althoughwehavenotseenthis seasonalcyclefortwoyearsafterbordersreopened.Rentshaveeasedfrompeakprices andoverpricedrentalsarenotrenting,solandlordsareprudenttomoderaterent expectations.WeexpectalittleofthecurrentavailabilitywillreduceasweenterJuly. Tenantswillbewelcomingtheavailabilityofpropertiestorentafterthescarcityinthe marketforthelasttwoyears.
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