QUEENSTOWN MARKET REPORT
MedianResiden�alDwellingPrice $1,355,000 $1,260,000 $1,200,000 $1,342,500
MedianResiden�alDwellingDaystoSell 36 49 36 38
SourceREINZRuralandResiden�alDatabasesandREINZMedianReportR200
QueenstownAreaRealEstateSalesSta�s�csNovember2022 Nov22 Oct22 Nov21 Oct21
DwellingSales 56 52 89 72 ApartmentSales 5 4 15 13 Sec�onSales 12 3 16 11 Lifestyle(Rural)HomeSales 2 5 1 3 Lifestyle(Rural)LandSales 4 3 3 7 QueenstownAreaSalesTotals 74 63 109 93
MedianResiden�alLandDaystoSell 145 36 43 54 MedianApartmentDaystoSell 50 123 95 48 SalesOver$1Million 12 17 19 26 SalesOver$2Million 6 7 4 9
Wri�en:19th December2022 SourceofdataforthisreportisRealEstateIns�tuteofNewZealand(REINZ)publisheddata,unlessotherwisestated. NotetheApartmentsalescountarealsoincludedinthedwellingsalescount. Iwritethisreporton19thDecember2022,afewdaysafterREINZreleasedtheirnational salesstatisticsforthemonthofNovember2022. Thisreportisabbreviatedfromournormalformatenablingustogetourreportanddataout priortoChristmas,ratherthanwaitafurthermonthforDecember’sdata. DECEMBER2022 ChristmasSpecialEdition
What’sHappening
Queenstownhasexperiencedstrongnumbersofvisitorsoverthelastmonth,andthelast twoweeksparticularlyso.Manyhavearrivedoverlastweekendandthisweekasthey settleinearlyforChristmas.HospitalityandTourismaresettohaveaverybusytimeover thenextfewweeks.
QueenstownSales(Summary)
Pleasereferto October’sreport fordetailasthemessagesinthatreportremainthesame forNovember’sdata.QueenstownSalesnumbersremainrelativelylow;Queenstown mediandwellingpriceremainsnearrecordlevels.November’smedianshowinganotable 7%liftfromOctober2022,anda12%liftfromNovember2021.
ThedownturnbeingexperiencedbytherealestatemarketintherestofNewZealandisyet toappearforQueenstown.
BuyingactivityisalittlesubduedforQueenstown,butthisretardingfactorisstillnot surpassingthegeneralshortageoflistingsavailableforsale.ItmaybethatVendorsare respondingtotheperceivedmarketchangebyelectingnottosell,ratherthanPurchasers beingabletocontrolthemarket.Demandremainsaheadofsupply.
MediandaystosellforNovemberisaninteresting36days;thelowestsinceOctober2021 andnowa7-monthrunofdecliningmediandaystosell.Thisstatisticsurelysupportingour statementthatsupplyisrunninglessthandemand.
Currently,formostpropertytypesinQueenstown,Purchasersareawarethatsittingand waitingisprobablynotasuccessfulstrategy.Actingnowwithprudenceishowweseemost successfulpurchasersintoday’smarket.
Sentimentatanationallevelismoresubdued. NationalVolumeyearonyeardown36%,andvolumemonthonmonthdown12%. NationalMedianpriceyearonyeardown12%,andmonthonmonthdown1.2%. TheRealEstateInstituteofNewZealandDecemberpressreleaseontheNovemberdata states: “Risinginterestrates,accesstofinanceandconcernsaroundtheeconomyhave createduncertaintyinthemarket.AcrossAotearoaNewZealand,marketactivity throughspringhasbeensubduedandmedianpricescontinuetosoftenasbuyers remainhesitant.” [SeeREINZReport] NationalSales(Summary)
KEYDATA SUMMARY
MEDIANHOUSEPRICEYEAR-ON-YEAR
Na�onal
NewZealandExAuckland Auckland
$810,000-downfrom$925,000-12.4%year-on-year $715,000-downfrom$770,000-7.1%year-on-year
$1,065,000-downfrom$1,300,000-18.1%year-on-year
MEDIANHOUSEPRICEMONTH-ON-MONTH
Na�onal NewZealandExAuckland Auckland
VOLUMESOLDYEAR-ON-YEAR
Na�onal
NewZealandExAuckland Auckland
$810,000-downfrom$820,000-1.2%sincelastmonth $715,000-downfrom$725,000-1.4%sincelastmonth $1,065,000-downfrom$1,082,000-1.6%sincelastmonth
5,525-downfrom8,644-36.1%year-on-year 1,797-downfrom3,182-43.5%year-on-year
3,728-downfrom5,462-31.7%year-on-year
VOLUMESOLDMONTH-ON-MONTH
Na�onal NewZealandExAuckland Auckland
REINZHOUSEPRICEINDEX
Na�onal
NewZealandExAuckland Auckland
Na�onal
NewZealandExAuckland Auckland
MEDIANDAYSTOSELL
Na�onal
NewZealandExAuckland Auckland
5,525-upfrom5,130+7.7%sincelastmonth 1,797-upfrom1,599+12.4%sincelastmonth
3,728-upfrom3,531+5.6%sincelastmonth 3,842-downfrom4,279-10.2%year-on-year
3,692-downfrom4,276-13.7%year-on-year 3,487-downfrom4,273-18.4%year-on-year
Down2.8%,down12.3%onNovember2021
Down2.2%,down7.1%onNovember2021
Down3.2%,down18.1%onNovember2021
41-12daysmorethanthesamemonthlastyear 41-12daysmorethanthesamemonthlastyear 40-11dayslessthanthesamemonthlastyear
SEASONALLYADJUSTEDMEDIANHOUSEPRICE
Availabilityofpropertiestorentcontinuetodeclineandareatcriticallevels.Thoseseeking arentalpropertyhavelittletochoosefromandfindthemselvesinaverycompetitive marketfacingbigrents.
Thereissignificantpressureonrentsastheynowsurpasspre-Covidlevels.Rentreviews willbeofconcerntomanytenants,andcostoflivingmaymakerentreviewsunaffordable forsome.
HolidayAccommodationbookingsarerunningatmaximumforthenexttwomonths.Our teamiswellorganised,verybusy,andlookingforwardtogeneratinggoodincomesfor ownersoverthenexttwomonths.
ConnectwithourPropertyManagementTeamtoday
KylieBrown MeganPalmer StephanieDrader
PropertyManagement
ProfessionalsAwardWinningTeam
property. AiriniEdmunds Louise Fisken AdrianSnow MeschaSoper-Arthur MeganPalmer AshleeSimpson
PrincipalAgentandDirectorAREINZMNZIS
+6434427746 +64212717353 adrian.snow@professionals.nz www.professionals.co.nz/queenstown www.queenstownholiday.nz WeareFisken&AssociatesLtd LicensedREAA2008 Visitusat26ShotoverStreet,Queenstown SendtousPOBox559,Queenstown9348 Likeuson
ConnectwithourSalesTeamifyouwouldliketohaveaComplimentaryMarketAppraisalforyour
AdrianSnow
+6434427747
ProfessionalsQueenstown RealServiceRealResults ProfessionalsQueenstown Fisken&AssociatesLtd LicensedundertheREAAct2008 26ShotoverStreet,Queenstown POBox559,Queenstown +6434427747 queenstown@professionals.nz facebook.com/ProfessionalsQT professionals.co.nz/queenstown
