Where is the Queenstown real estate market poised – is it heating up, cooling down or in a mid season stable pattern?
Queenstown property – what’s available
From where we sit it seems that there is a real lack of serious choice despite the number of listings out there. In some of the sectors that we are looking actively in can best be described as beyond frustrating. In other sectors we are loving the range of choice available with pricing to match.
Queenstown property – who’s out there buying?
Looking back over July statistics we note that the primary Queenstown property buyers were first-home buyers and investors. This trend was largely driven by the gradual decline in interest rates and an increase in the availability of properties around the $1.5 million mark. Statistics demonstrated that there was limited activity in the higher-end of the market, with properties priced above $2.5 million seeing minimal movement.
We have seen Australian buyers of Queenstown and Wanaka property actively looking and there has been a consistent influx of enquiries from Sydney and Melbourne, across all sectors – they are showing interest in purchasing holiday homes, investment properties, or considering relocation to New Zealand.
Queenstown property – market overview
The most recent statistics showed a median sale price of $1,425,000, representing an increase of 5.6% compared to the same period in 2023. A total of 97 properties were sold in July 2024, marking a significant rise of 54% compared to July 2023. The central lakes district is one of the only regions in New Zealand that is not showing house price decline.
Queenstown property – market outlook
As we approach spring, there is a palpable sense of anticipation in the market. Real Estate Agents, with whom I regularly communicate, are reporting increased activity in appraisals, indicating that a wave of new listings is expected in the coming weeks. We are looking forward to pouncing on some of this new stock.
Economically there are signs that the market may be stimulated. The recent 0.25% reduction in the Official Cash Rate is likely to lead to lower interest rates, which will predictably boost buyer confidence and further stimulate the market. We are currently enjoying the buying conditions and are keen to continue working in this least competitive market of recent years.
Queenstown property – not the time to procrastinate
Our thoughts are that the market has reached the lowest level of this current cycle and it is slowly starting to track back up again. Now is a great time to act – being able to purchase when there is not a frenzy of buyers makes considered decisions an option and not something that is always guaranteed in some phases of the market. If you’ve been procrastinating about buying, I would be suggesting that now is the time to be decisive – get yourself prepared and ready so that you have the choice of the RIGHT Queenstown property not just settle for buying anything in Queenstown.