Thank you for using Neighbourly
There's a fine line between being helpful and minding your own business.
By reporter Miriam Bell:
Queenstown house prices remain the highest in the country, and its market appears to be going against the broader declining trend, experts say.
In the latest figures from Quotable Value (QV), the Queenstown-Lakes District is the only region to record a quarterly … View moreBy reporter Miriam Bell:
Queenstown house prices remain the highest in the country, and its market appears to be going against the broader declining trend, experts say.
In the latest figures from Quotable Value (QV), the Queenstown-Lakes District is the only region to record a quarterly price increase. It has the average price up 0.2% to $1.69 million in September.
On an annual basis, the average is up 11.6% from the same time last year, and it is 4.5% higher than at the start of the year.
Likewise, CoreLogic has Queenstown’s average up by 0.4% last month, and by 12.9% annually, to $1.68m in September.
In contrast, both property companies show the national average, and prices in much of the rest of the country, on a downward trajectory.
And in Auckland and Wellington, there have been double-digit price declines since the market peak late last year, according to the Real Estate Institute.
CoreLogic chief property economist Kelvin Davidson says the Queenstown market is a small market, and that means its price and sales figures can jump around quite a bit on a monthly basis.
But its prices have remained pretty stable in the last six to seven months, over a period when prices in other markets have fallen, he says.
“There is a sense of stability, rather than prices continuing to rise markedly, but that is in a market that is already expensive and which has affordability issues.
“It is not immune to trends around interest rates and lending, so I wouldn’t rule out some price falls in future, even if they are smaller than elsewhere, but currently Queenstown’s market is holding up well.”
There were concerns about the Queenstown market’s future in the early days of Covid, but the area’s physical attributes and lifestyle appeal meant it was always likely to bounce back, he says.
“Those attributes remain in play, but now the borders have opened, and tourists are returning, so there is a degree of confidence that Queenstown will be okay. It has a market that looks different to elsewhere, and is bucking the trend.”
As in the rest of the country, sales are down. There were 80 sales in September, down from 101 in August and from 106 last September, Real Estate Institute figures show.
But the institute’s regional director, Gail Hudson, says owner-occupier inquiry has increased markedly, with interest from Auckland and other areas of the South Island remaining strong.
Genuine buyers are attending auctions, and open homes are busy, which shows there is still a good amount of interested buyers, although there is less urgency, she says.
Ray White Queenstown principal Bas Smith says fluctuations in sales are not uncommon as it is a much smaller market than the focus it attracts suggests.
But the decline in sales volumes from last year was not a bad thing as the market was crazy last year, he says.
“At the higher end of the market, particularly in the $2.5m to $3m land sale space, we are finding it very busy, and activity is steady generally.”
Queenstown’s market never really has huge falls in prices, and even during the global financial crisis they held relatively steady, apart from the apartment market which had been oversold previously, he says.
“It is viewed as a safe haven, and a desirable place to live. Many people are envious of the lifestyle that they see here, especially during lockdowns.
“That has fired up people around the country and in Australia, and left them keen to come here to tap into the lifestyle on offer, and pursue remote working options.”
The market is benefitting from that, with a bit of a flow of capital from Australia and Auckland into Queenstown real estate, and little drag in prices despite the slower market, Smith says.
Another factor that puts a floor under Queenstown prices is a shortage of housing, despite continued development of areas such as Frankton, and significant planned development in Wanaka.
Harcourts Queenstown sales manager Priscilla Uhrle says a shortage of land means that when land comes on the market it gets sold before titles are issued.
This is helping keep supply tight, and the fact that many local buyers are reluctant to list until they have sold, to ensure they have somewhere to move to, also contributes to the shortage of stock, she says.
“It was a bit quieter over winter, and spring seemed to come a month late, but open home numbers have really lifted and October was very busy.
“All the auctions we have done in recent weeks have sold under the hammer, with multiple bids. One entry level house in Fern Hill went on the market last week, got five offers right away, and is now under offer.”
While sales and price figures can vary each month due to the size of the market, prices do seem to be holding up well, she says.
“The last two years have taught me there is no point in making predictions about what the market might do, but currently it is moving at a good, steady pace.”
More local first-home buyers are being pushed into the market by rising interest rates, Uhrle says.
“The wait and see approach isn’t working for them, and they want to lock in a purchase before rates go up too much more, so what rates do next could make a difference in future.”
Meeting an ever-increasing need in our communities, Christmas Box provides more than just food in a time of need, it also brings a reminder that there is a community of people who care.
We believe by alleviating some of the pressure that families feel at Christmas time through our food parcels, … View moreMeeting an ever-increasing need in our communities, Christmas Box provides more than just food in a time of need, it also brings a reminder that there is a community of people who care.
We believe by alleviating some of the pressure that families feel at Christmas time through our food parcels, it will create a lasting impact that goes beyond a treat at Christmas.
For only $40 you can donate a Christmas Box to a family in need, providing not just practical help, but much deserved hope too.
To celebrate the FIFA World Cup, the TV Guide is giving you the chance to upgrade your lounge and impress your friends with a brand new 55” Panasonic 4K TV. Catch all the action with Panasonic’s new Premium LED TV, perfect for watching the FIFA World Cup, your favourite movies, streaming … View moreTo celebrate the FIFA World Cup, the TV Guide is giving you the chance to upgrade your lounge and impress your friends with a brand new 55” Panasonic 4K TV. Catch all the action with Panasonic’s new Premium LED TV, perfect for watching the FIFA World Cup, your favourite movies, streaming services, or classic TV shows.
Pick up a copy of the TV Guide each week between 13 Oct to 9 Nov, find the codeword, and follow the directions to be in to win! Each issue and codeword will be a new chance to win. You’ll have until 15 Nov to enter online or mail in your codeword. To view the T&Cs click here.
The team at the TV Guide
*based on recommended retail price
Turn your old hardback books into beautiful decorative pieces using Resene testpots.
Find out how to create your own.
Smartsizing is about creating a life of simplicity and enjoyment, by ensuring your home fits your lifestyle, now and in the future.
If you want to spend more time with family and friends, travel, stay active and learn new things, smartsizing makes this much easier. With less time spent on … View moreSmartsizing is about creating a life of simplicity and enjoyment, by ensuring your home fits your lifestyle, now and in the future.
If you want to spend more time with family and friends, travel, stay active and learn new things, smartsizing makes this much easier. With less time spent on maintenance and chores you’ll have more time to create a life full of enjoyment and meaning.
These webinars will offer insight into how you can make this happen.
Join us to hear from experts in their field as they offer insight into how you can achieve this.
Understanding the property market - Presented by Shane Cortese on Monday 14 November, 3:30pm.
Smart home technology - Presented by Grant Sidaway on Tuesday 15 November, 3:30pm.
Downsizing your way to a richer, happier life - Presented by Peter Walsh on Wednesday 16 November, 3:30pm.
These informative presentations are not to be missed, to find out more or to register click below.
Keep daytime deliveries secure with this simple to build box that doubles as a seat painted in Resene Lustacryl. Find out how to create your own.
With spring in the air, the price of veggies on the rise and Christmas around the corner there has never been a better time to get gardening!
You don’t need to spend big to get involved, and The Warehouse has plenty of options for anyone – from the avid green thumbs to the gardening novices.… View moreWith spring in the air, the price of veggies on the rise and Christmas around the corner there has never been a better time to get gardening!
You don’t need to spend big to get involved, and The Warehouse has plenty of options for anyone – from the avid green thumbs to the gardening novices. You could grow a few veggies, fruit trees or even some windowsill herbs – all are a small step to living more sustainably, while saving a little money! Check out 7 ways to garden greener with The Warehouse.
These amazing community gardeners are finalists for our 2022 Ryman Healthcare Gardener of the Year. Read about their great work (and the other four finalists), and vote for your favourite!
Wendy Zhou is one of the finalists for the 2022 Ryman Healthcare Gardener of the Year. Read about her (and the other four finalists), and vote for your favourite!
She is one of the five finalists for the 2022 Ryman Healthcare Gardener of the Year. Read about her (and the other four finalists), and vote for your favourite!
Satiate your news hunger with Two Minutes of Stuff, a bite-sized snack of the top stories and key issues of the day.
Two minutes is all you'll need to get up to speed on today's talking point and the biggest news of the day and stories you don't want to miss. A fully-curated … View moreSatiate your news hunger with Two Minutes of Stuff, a bite-sized snack of the top stories and key issues of the day.
Two minutes is all you'll need to get up to speed on today's talking point and the biggest news of the day and stories you don't want to miss. A fully-curated experience, with items hand-picked by Stuff staff, sent each weekday evening. Sign up for free here.
Yates has been guiding gardeners for quite a while now (nearly 140 years), so we’ve learned a few crafty garden tricks along the way. We’re sharing our email newsletter, packed with our special Yates blend of leading-edge horticulture and old-school garden tips, fresh every month.
Stay on … View moreYates has been guiding gardeners for quite a while now (nearly 140 years), so we’ve learned a few crafty garden tricks along the way. We’re sharing our email newsletter, packed with our special Yates blend of leading-edge horticulture and old-school garden tips, fresh every month.
Stay on top of the seasonal tasks with us; whether you’re into vegies, herbs, fruit trees or houseplants, we’ll help you navigate your way to a gorgeous and luxuriant garden. Click through to get our timely advice on feeding, watering, weeding and how to nip your garden problems in the bud!
Central Otago and Queenstown Lakes District highways have a big season of summer maintenance and repairs ahead, Waka Kotahi NZ Transport Agency says.
“It may well be the biggest construction period for the two districts in many seasons,” Otago maintenance contract manager Peter Standring … View moreCentral Otago and Queenstown Lakes District highways have a big season of summer maintenance and repairs ahead, Waka Kotahi NZ Transport Agency says.
“It may well be the biggest construction period for the two districts in many seasons,” Otago maintenance contract manager Peter Standring said.
Aspiring Highways, on behalf of Waka Kotahi, will deliver road reconstruction and resurfacing projects from now until mid-March as daylight hours increase, and the warmer temperatures and dry air help new seals stick as intended to the road surface.
“While we are pleased to have this work scheduled and people will appreciate the finished result, we ask people to take special care given the number of road crews they may come across on some key routes in and out of Central Otago and around Queenstown and Wānaka,” Standring said.
“There are also a number of third-party, privately-funded projects under way adjoining or on the highway, adding to the number of road crews people will encounter. If people can build in an extra 20 minutes to their journeys, it will help ease the pressure on everyone and reduce the temptation to make up time if there is a short delay."
Overall, 60km of highway will be resealed between November 7g and December 16.
The highways will be as free of work as possible in the lead-in to Christmas and the new year peak holiday periods when most traffic is on the roads. Resurfacing work will continue from January 23 into March, 2023.
Some work will be done overnight to minimise daytime delays. These include:
- SH6 Kawarau Gorge through to east of the Crown Range intersection
- SH6 Jack Hanley Drive intersection, Frankton/Queenstown.
- SH6 near Wāanaka Airport.
Work in the new year also includes two pavement renewal/reconstruction sites of 2km at SH8 Millers Flat and SH6 Kidd Creek.
Residents in places getting high impact highway work should receive direct updates in their letterboxes in advance.
Check your route before you travel at www.journeys.nzta.govt.nz...
Same Event, Same Venue, different date, 30 November to 3 December.
Plenty to see and do, eat, buy and try.
From Agri machinery, to new innovations, career opportunities and competitions.
We want to celebrate the sector that is relentlessly hard-working, at the forefront of world-leading … View moreSame Event, Same Venue, different date, 30 November to 3 December.
Plenty to see and do, eat, buy and try.
From Agri machinery, to new innovations, career opportunities and competitions.
We want to celebrate the sector that is relentlessly hard-working, at the forefront of world-leading technologies, and economically critical to our country.
The largest agricultural event in the Southern Hemisphere.
Bringing town and country together over four days
The ultimate opportunity for agribusiness networking throughout the primary sector value chain.
Got to www.fieldays.co.nz to buy tickets.
© Neighbourly 2024
Loading…
