Mid-winter blues hit Queenstown property sales

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Mid-winter blues have affected residential sales in the Wakatipu, the Real Estate Institute of New Zealand’s local branch spokesman says.
 

There were only 43 residential sales last month – 32 dwellings and 11 sections.

That compares with 60-plus for the four months from February this year, culminating in a five-year high of 80 sales in May. 

June sales dropped to 53 before July’s sales dropped even further.

REINZ spokesman Kelvin Collins says the mid-winter blues stem from a well-publicised shortage of listings.

“Sellers have also got optimistic after a period of good property sales activity but buyers have been cautious with the recent economic outlook affecting their confidence.

“This has resulted in a gap opening between sellers’ expectations and where buyers are seeing value.”

An exception has been the lifestyle market, with several sales over $2 million, and in sections under $250,000 from local residents looking to build, Collins says.

July’s 43 tally was three below the same month last year.

However the combined value was $26,275,500, which is slightly up on July last year, and the median dwelling sale price of $563,750 was 11 per cent up.