Sales taper off in Queenstown

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Just 53 Wakatipu residential properties sold last month, compared with 67 in October and 77 in November, 2012. 

That’s largely because only four sales – 10 per cent of the total – were below $500,000, compared with 25 to 30 per cent normally, local Real Estate Institute of NZ spokesman Kelvin Collins says.

Collins attributes it to reduced listings in the sector, and first-home buyers beating October’s Reserve Bank clamps on low-deposit lending.

As a result of low activity at the cheaper end, the median sales price went from $575,000, in October, to $642,500.