Wakatipu real estate sales volumes were down last month but values were up.
Forty-nine properties, including 12 sections, sold last month compared with 54 in August, according to the Real Estate Institute of New Zealand.
However, the value of sales increased 14 per cent, from $26,742,895 in August to $30,504,800 last month.
Local REINZ spokesman Kelvin Collins says that’s an indicator of stronger demand in upper price brackets with five house sales of $1 million-plus.
Collins also notes that five section sales were $500,000-plus.
“This demand may also be a reflection of a competitive building industry and availability of builders with buyers preferring to build rather than renovate an existing property.
“There has also been demand from offshore residents and expats securing a property now with the idea of building later.”
Collins notes an absence of Australian skiers buying in-town properties late last month.
That could be a reflection of a perception that Queenstown was full because of the Rugby World Cup or concerns about the global economy, Collins says.
Ninety properties were listed for sale last month, he says.
“But stock levels could still be considered tight with generally reduced numbers of properties coming onto the market to replace properties sold.”