The Queenstown Lakes district region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Queenstown Lake and Central Otago region at 76 fell significantly on a seasonally adjusted basis in July and was up only 3% as compared to a year ago. The inventory of unsold houses on the market rose to 74 weeks of equivalent sales, this level remains well below the long-term average of 100 weeks of equivalent sales.
Median sales price of properties sold in the Queenstown Lakes and Central Otago region fell from June at $420,000 was up just 2% as compared to a year ago. The asking price expectation of new listings fell 7% as compared to a year ago at $505,294.
The level of new listings coming onto the market in July at 249 was up as compared to prior month and represented a 19% rise as compared to a year ago.
This data indicates that the Queenstown Lakes / central Otago region continues to favours sellers in the market although the recent fall off in sales matched to the rise in new listings is moving the market back into a more balanced position.