Has there been any sign of a slow down in the Wanaka and Queenstown real estate market – one of the hottest questions on the block. I initially thought that the new legislation had impacted, but to be honest I have retracted all these thoughts in the past 2 weeks. The market still appears to be buoyant from my observations and discussions around the industry.
Enquiry is unprecedented, and sales figures are not supporting any sign of an easing.
A shortage of listings has been one of the factors in recent months that has pushed up prices. This is starting to change. Previously, vendors have been holding back from putting their property on the market due to lack of alternatives to view, however this might change now with the increase of new listings. This can have a bit of a snowball effect.
It is however a funny market – some things are selling really quickly but anything overpriced or with anything negative about it is sitting. Auctions are not easily reaching reserve but negotiation is frequently seeing a result.
Octobers Wanaka sales stats were skewed by the volume in Northlake.
Sales results have indicated that prices being paid above the government valuation figures have dropped slightly since the highs of the winter when there was a real lack of supply of properties for the winter season visitors.
Both the Wanaka and Queenstown real estate market had some enquiry related to the October 22 changes. The same could be said for buyers wishing to get a property and have it registered for visitor accommodation prior to the potential tightening up of access to this supplementary revenue stream.
So from where I sit at the moment it is still a case of thinking that staying out may not be an option – lost opportunity may still be costly. The best idea from where I sit is to keep the nose to the ground for the great buys that are coming up but do require some agility to grab them.