Queenstown property resurgence continues

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Strong Queenstown residential sales figures have been recorded for the third month in a row.

There were 62 sales in the Wakatipu last month, comprising 50 dwellings and 12 sections.

That follows 69 sales in February – the highest monthly figure since 72 in April last year – and 61 sales in March.

These 60-plus monthly figures contrast with an average 48 sales per month during 2011.

A special feature of last month’s sales activity was 12 sales over $1 million, including two sections.

That figure is double the normal sales activity in this sector of the market, local Real Estate Institute of New Zealand spokesperson Kelvin Collins says.

As a result, April’s median sale price of dwellings, of $640,000, was well up on $445,000 the month before.

The combined value of dwellings plus section sales was $39,318,500, up 30 per cent on March.

Collins adds there’s also been good demand for property under $500,000, but listings are tight.

“Many first-home buyers now have access to KiwiSaver and want ownership instead of renting,” he says.