Queenstown real estate market hits seven-year high

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Residential sales in the Wakatipu in May were the highest of any month since October 2007.

Eighty-four sales were recorded by members of the Real Estate Institute of New Zealand, comprising 66 dwellings, including nine apartments, and 18 sections.

The previous highest monthly figure, since 2007, had been the 83 sales recorded in February this year.

In March there were 76 sales while April’s figure dropped down to 71.

Median sale prices last month were $568,250 for dwellings, $381,000 for apartments and $270,000 for sections.
Developer-sold sections at Shotover Country aren’t included in REINZ figures.