Five-year peak for Queenstown real estate

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Queenstown has experienced the strongest three months of residential real estate sales since 2007.

Last month there were 78 sales, comprising 55 dwellings and 23 sections.

That follows November’s figure of 77 sales and is only two below last May’s five-year record of 80 sales.

House sales for the last quarter of 2012 – October to December – were 160.

That’s up 50 per cent on the 106 sales in the same period in 2011.

The median sale price for the December quarter of $521,000 was five per cent up on the median of $497,000 in the same period of 2011.

There were 15 sales over $1 million in the last quarter.

Section sales were also strong over the last quarter, with 52 compared to 23 over the same period in 2011.

Local Real Estate Institute of New Zealand spokesman Kelvin Collins says: “Median value was slightly down on the preceding year and is a reflection of good demand for cheaper sections from local residents to build family homes.”