The Market

November 2024 saw strong activity in the Queenstown property market, with noticeable growth across both residential properties and sections compared to the same period last year. The average sale price for houses, units, and apartments increased by 12.6%, reflecting higher buyer confidence and demand. The highest recorded sale of the month surpassed the previous year by 46%, highlighting interest in premium properties, while the lowest sale price showed a significant improvement, more than tripling last year’s figure.

Transaction volume for residential properties rose by 35%, with 84 sales completed compared to 62 in November 2023. However, buyers took longer to make decisions, as the average days on market extended to 73, up from 58 days last year.

The sections market also experienced substantial growth, with the average sale price up by 30% compared to November 2023. Both the highest and lowest sale prices for sections exceeded last year’s levels, and sales volume increased by 50%, with 18 sections sold. Despite this activity, sections continued to take significantly longer to sell, with the average days on market increasing to 205.

Overall, total sales volume for November 2024 rose by 73%, driven by a higher number of sales and a shift toward higher-value transactions, including 25 sales over $2 million. While vendors maintained high price expectations, increasing stock levels in the market encouraged more realistic negotiations. Buyer interest remained steady, particularly in unique properties and areas with limited availability, with owner-occupiers and first-home buyers leading the charge.

Disclaimer: Every precaution has been taken to establish the accuracy of the information contained in this report but does not constitute any representation by the publisher or licensee, interested parties must rely on their own inquiry. This report includes sales statistics up to 30 November 2024, sourced from REINZ.