Queenstown property sales suffer dip

SHARE

Queenstown property sales dipped last month to their lowest level since January.

Residential sales figures this year are on track to be the best since 2007, however last month there were only 51 sales – 42 dwellings and nine sections – compared to 69 in August last year.

By contrast, July’s figure of 62 sales were the best recorded for this moth since 2006.

“It is hard to read too much into one month’s reduced volume,” local Real Estate Institute of New Zealand spokesperson Kelvin Collins says.

“It could be a reaction to the new Loan to Value Ratio rule, the shortage of quality well-priced property for sale or just winter.”

The median house price was only $420,000, compared to $525,000 in July, with the majority of sales being two and three-bedroom units under $400,000.

Collins adds: “The strongest demand has continued to be from first-home buyers although this sector is becoming less discerning on quality and purchasing on affordability.”

The combined value of dwelling and section sales last month was $24,209,216, down 25 per cent on the same month last year.