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Queenstown property report – Sep 2008 (Correction)

Posted on: September 14th, 2008 | Filed in Regional News

I am very conscious that in order to be able to uphold the principle embodied in the tag line of this blog of “the impartial voice of the real estate industry” I need to be seen to be open, authentic, honest and above all accurate in reporting especially when it comes to statistics.

I posted a detailed analysis of the Queenstown Lakes region last week, accompanying the post was a press release which generated a fair amount of national and regional media mainly centered around the headline that stated that:

For sale sign on 1 house in every 7 in Queenstown Lakes

This statistic was based on the total number of listings featured on the realestate.co.nz website at this time for the region which total 2,342. From that total we apply a conversion factor as a number of properties are listed by multiple agencies resulting in duplicate listings. The net figure applying the conversion factor was 1,939 properties. We then took from 2006 Census the number of dwellings in the region and added those under construction which provided a total stock of 13,473 dwellings. This then gave us our 1 property in 7 statistic (actually 1 in 6.82).

This week whilst in Queenstown presenting to local real estate agents, I had the opportunity of discussing these statistics with local business owners. During this meeting they were helpful in highlighting an error in this calculation which I think is important to detail. Rightly they highlighted that Queenstown has a large number of apartments and units which whilst being listed for sale by agents are not classified by census as a dwelling as they are classified as visitor accommodation. With this in mind I would like to revise the statistics for the Queenstown Lakes region – there are currently 1,448 properties for sale in the region net of apartments and units and removing all multiple listings. This means the headline for the press release should now read:

For sale sign on 1 house in every 10 in Queenstown Lakes

The actual figure is 1 in 9.3 properties. I apologise for any confusion or missinterpretation these original figures presented.

Article Discussion

  1. […] press release last week, in regards to the Queenstown property market (see latest update on Unconditional) generated a lot of interest and comment, so we had anticipated quite a big […]

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