The Market

The Queenstown property market showed a strong performance in October 2024, with total sales volume reaching $144,328,088. This reflects a notable increase compared to the $110,302,554 recorded in October 2023 and a slight rise from the $137,267,587 seen in September 2024. A significant driver of this activity was the substantial increase in new listings, with 161 properties coming to market in October 2024, representing a 63% rise compared to the same period last year.

For houses, units, and apartments, the October 2024 average sale price was $1,650,475, up from $1,505,601 in October 2023 and $1,358,252 in September 2024. The highest sale price for the month was $4,910,000, while the lowest was $400,000. The total number of house sales also increased significantly, with 79 transactions completed compared to 62 in October 2023 and 59 in September 2024. However, properties are taking longer to sell, with the average days on market extending to 72, up from 54 days in October 2023 but slightly shorter than the 76 days recorded in September 2024.

For sections, the average sale price in October 2024 was $939,100, down from $1,044,167 in October 2023 with the highest section sale price reaching $2,100,000.

High value sales played a significant role in the market’s strength this October, with 21 properties selling for over $2 million. This contrasts with just five sales over $2 million in September 2024, highlighting increased activity in the premium market segment.

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 31 October 2024, sourced from REINZ.