News

Record sales of property

By Nina Jensen

Property sales in the Wakatipu Basin hit an eight-year high last month.

The 103 sales were a record for a winter month and the highest monthly figure since April 2007.

It was boosted by 36 section sales: twice as many as in June and more than three times the number last July.

The sales were mostly at Jacks Point – starting from $156,000 – although there were also eight sales of rural residential lifestyle blocks for more than $500,000.

Real Estate Institute of New Zealand Queenstown spokesman Kelvin Collins said the demand for sections was the result of a reduced supply of houses for sale and capital growth in the family sector of the market.

That had forced prospective buyers to look at building as an alternative to buying existing homes.

July’s median house sale price was $655,000, up 10% on that achieved in July last year.

The institute’s figures do not include developer sales at Queenstown’s burgeoning Shotover Country subdivision, which got an overwhelming response to its latest release, of 82 sections, last week.

Mr Collins said sections were already at historic price levels, and people were deciding to buy before they became too expensive.

Whether more record sales months followed this year would depend on the number of new listings coming on stream at Jacks Point, Henley Downs and any new special housing areas.

”There’s no indication that in the next three to six months there’s going to be a whole lot of new sections becoming available.”

Property values had reached a level that could encourage new apartment development, he said.

”The only trouble is most of the developers got burnt 10 years ago, so there’s not that many people around who want to take the risk.”

Source: Otago Daily Times

August 2015

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