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From reporter Debbie Jamieson:
Queenstown median house prices have dipped below $1 million for the first time in 18 months.
Real Estate Institute figures for April show a 22.1% decrease from the same month last year, from $1.22m to $950,000 for the tourist town.
The last time it dipped below $1m… View moreFrom reporter Debbie Jamieson:
Queenstown median house prices have dipped below $1 million for the first time in 18 months.
Real Estate Institute figures for April show a 22.1% decrease from the same month last year, from $1.22m to $950,000 for the tourist town.
The last time it dipped below $1m was in August 2020, and the median price has regularly been in seven figures since 2018.
There was an even larger drop in Wānaka, where the median price dropped 43.3% to $635,000, largely due to sales of townhouses at the Riverside Residence development.
Of the 58 sales in Wānaka this April, 24 were townhouse purchases from Riverside Residence between $400,000 and $700,000, according to a report from the institute.
The median price excluding these sales would have been $1.115m.
There are 62 units within Riverside Residence, many of which are sold for short-term accommodation only.
Real Estate Institute Otago/Southland spokesperson Liz Nidd said the market across the country had been affected by Covid-19 and recent school holidays.
“There is a rationalisation of the market happening, but it’s too early to panic,” she said.
The report says owner-occupiers were the most active buyers in the Central Otago and Queenstown Lakes regions, although finance was challenging for many purchasers.
First home buyers in the region were scarce due to tightened lending conditions, loan to value ratios and rising interest rates.
“Anecdotally, unless first home buyers have support from the bank of mum and dad, they tend to be priced out of all but the outer suburbs,” Nidd said.
The 25 apartments are among the first of up to 4000 Housing Minister Megan Woods hopes will go through the $400m Progressive Home Ownership scheme.
Queenstown Community Housing Trust executive officer Julie Scott said even with the drop in sales prices, homes in the region remained far out of reach for low and middle income households.
“This makes absolutely no difference,” she said.
The trust has almost 800 households on its waiting list.
The institute’s report says investors had also stepped back from the market due to new tax legislation, despite rents increasing.
A lack of rental properties was making it difficult for prospective tenants.
Nationally, house sales nationwide tumbled by 29.3% between March and April, highlighting the ongoing slowdown of the market, the institute said.
Its latest figures showed there were just 4860 sales around the country in April. That was down 35.2% from the 7497 sales at the same time last year.
In Queenstown, sales decreased by 10.9%.
Agents said “fear of missing out” was replaced with a “fear of overpaying”.
“With fewer buyers in the market, there is less competition, not as much urgency and vendors have become more realistic in their expectations.”
Agents were hopeful that the Central Otago/Lakes region might see some more overseas buyers now that borders are open but are also aware that some Kiwis will leave New Zealand after two years of Covid-19.
Create your own triple compost bin and stain in Resene Waterborne Woodsman. Use the handy compartments for fresh scraps, decomposing material and usable compost.
Find out how to create your own.
While farming has changed significantly through the generations, LIC has had the privilege of journeying alongside farmers, their families and their businesses and have made constant improvements to deliver superior genetics and technology in response.
Visit our website to find out more about … View moreWhile farming has changed significantly through the generations, LIC has had the privilege of journeying alongside farmers, their families and their businesses and have made constant improvements to deliver superior genetics and technology in response.
Visit our website to find out more about how these advances are getting the next generation interested in dairy farming.
NZ Compare is the home of easy and free to use comparison sites. We’re passionate about helping Kiwis compare what’s out there, so we wanted to introduce you to a new member of our brand family – PriceMe!
PriceMe is NZ's largest comparison-shopping site, sounds fun right?! Whether … View moreNZ Compare is the home of easy and free to use comparison sites. We’re passionate about helping Kiwis compare what’s out there, so we wanted to introduce you to a new member of our brand family – PriceMe!
PriceMe is NZ's largest comparison-shopping site, sounds fun right?! Whether you're buying electronics, appliances, smartphones or watches, hair straighteners or any other everyday household or office product – find the best prices on PriceMe.
Make it your first stop, not an afterthought Neighbours!
Plus, you don’t need to leave the house! Shopping made simple, just how we like it.
Business is tough and finding the right broadband plan or provider can be just as rough, so let's make it a little easier.
We want you to focus on achieving your strategy, not going from site to site, call to call to get a good deal! So we've launched Business Compare - a simple, free … View moreBusiness is tough and finding the right broadband plan or provider can be just as rough, so let's make it a little easier.
We want you to focus on achieving your strategy, not going from site to site, call to call to get a good deal! So we've launched Business Compare - a simple, free to use website that will help you compare NZ broadband retailers that supply businesses just like yours!
NZ Compare is here to help Kiwi businesses find the right plan, the right provider, the right fit. Go visit Business Compare now!
This modern, stylish planter finished in Resene is a great option to show off a statement plant. Find out how to create your own.
We are incredibly proud to launch Short Notice is a new initiative designed to connect neighbours with a little spare time on their hands with local businesses that need a bit of extra help!
It's very simple; using the new Short Notice community hub, share a little about yourself, your … View moreWe are incredibly proud to launch Short Notice is a new initiative designed to connect neighbours with a little spare time on their hands with local businesses that need a bit of extra help!
It's very simple; using the new Short Notice community hub, share a little about yourself, your availability and how you'd like to help.
If you're a business owner sign up for a FREE Premium Business listing to get access to Short Notice and let your community know what help you need.
Together, let's help keep small businesses busy!
Grab yourself a delicious Barista Made Coffee for only $4 at McCafé.
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Congratulations to Robert Fenwick, owner of Fenwicks Pharmacy in Canterbury, the 2022 Prospa Local Business Hero.
Robert has been recognised for his ongoing service and support for the community through tough times. Fenwicks pharmacy remained open throughout the lockdown with friendly greetings,… View moreCongratulations to Robert Fenwick, owner of Fenwicks Pharmacy in Canterbury, the 2022 Prospa Local Business Hero.
Robert has been recognised for his ongoing service and support for the community through tough times. Fenwicks pharmacy remained open throughout the lockdown with friendly greetings, conversations and smiles!
Congratulations to all the finalists and thank you for nominating your favourite local business. We'd like to acknowledge the official winner of the public voting poll, Josh Coe, owner of Page 42 cafe. Unfortunately, Josh has decided to close his business after 3.5 years and we wish him all the best.
Turn scrap building materials into a fun and practical piece for the home. Use timber offcuts and some creativity to make a rustic house number sign with Resene Alabaster and Resene Woodsman Crowshead.
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The weather is getting chilly, ya power is going to rise! So why are you sticking with the same plan and provider if it might be costing you MORE money?!
53.9% of Neighbours said they switched over 6 months ago and 33.6% said you have no idea when you last switched! We want to know why … View moreThe weather is getting chilly, ya power is going to rise! So why are you sticking with the same plan and provider if it might be costing you MORE money?!
53.9% of Neighbours said they switched over 6 months ago and 33.6% said you have no idea when you last switched! We want to know why you're not switching power providers?
Our winning Nice Neighbours have been featured across NZ in the local papers, maybe you've spotted these smiling faces...
If you have a nice neighbour who needs recognised for the little (or big!) things they do, nominate them on our Nice Neighbour page and you could each get a $25 Prezzy® … View moreOur winning Nice Neighbours have been featured across NZ in the local papers, maybe you've spotted these smiling faces...
If you have a nice neighbour who needs recognised for the little (or big!) things they do, nominate them on our Nice Neighbour page and you could each get a $25 Prezzy® card - that sounds like morning tea to me!
Hi neighbours,
It's time to sow your seeds and cut those flowers because NZ Gardener's new special edition is on-sale now!
The NZ Gardener team takes you through the seasons with advice on cutting fresh flowers 365 days of the year. Flick through the pages and find stunning … View moreHi neighbours,
It's time to sow your seeds and cut those flowers because NZ Gardener's new special edition is on-sale now!
The NZ Gardener team takes you through the seasons with advice on cutting fresh flowers 365 days of the year. Flick through the pages and find stunning photographs, step-by-step instructions on how to arrange bouquets and what to plant and when.
Get your copy where any good magazines are sold or buy online at Mags4Gifts.co.nz
Nasa is back in Wānaka and has brought another giant helium balloon with it.
The team is hoping to launch the “super pressure” balloon, which is the size of Dunedin’s Forsyth Barr stadium, in early May.
It’s the fourth time the US space agency has visited Wānaka, as part of its … View moreNasa is back in Wānaka and has brought another giant helium balloon with it.
The team is hoping to launch the “super pressure” balloon, which is the size of Dunedin’s Forsyth Barr stadium, in early May.
It’s the fourth time the US space agency has visited Wānaka, as part of its scientific balloon programme, since 2015.
The latest mission will help support Nasa missions for longer flight durations, with flights running up to 100 days. Continue reading here.
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