quarter 1 2019: RESIDENTIAL MARKET REPORT
2019 has started off with a positive market response in regards to the amendments made to the 2005 Overseas Investment Act in October 2018. With subsequent speculation of a market downturn, 2019 has already increased year on year number of sales and an abundance of new properties coming on to the market.
Overall the first quarter has resulted in a larger number of total sales and higher value of revenue from such sales as we continue to see land and property prices increase.
February 2019 - REINZ SALES SUMMARY
REINZ has released the latest data for the month of February 2019.
Jack’s Point recorded an overall median sale price of $883,000 (land and sections) 11 total sales.
The Otago region recorded a median price of $455,000 and 359 of properties were sold. Queenstown Lakes District recorded a median price of $885,000 and 72 properties were sold. Otago REINZ Regional Director Gail Hudson had the following commentary on the Queenstown Lakes District
“The Queenstown Lakes market has had a slow start to 2019 with median prices decreasing 3.1% to $885,000 which is similar to what we saw in October last year, and the fluctuating monthly median price suggests the region is still to find its feet in the New Year. However, there was an upswing of inventory (+15.5% year-on-year) and of new listings (+11.8% year-on-year), which has sparked an increase of people wanting to move which is positive. Premium properties or properties with a point of difference are attracting buyers’ attention while the middle of the market is slow. With the disappearance of the overseas buyers, enquiries for houses in the higher end of the market ($2,000,000 and above) has dropped drastically and pushed days to sell up by 9 days. Investors are back and there were higher activity levels at open homes, and we anticipate that this increase will continue in the coming months.” - Gail Hudson REINZ Regional Director
Jack’s Point Realty will release their in depth quarterly report next month, mid-April 2019.
January 2019 - REINZ SALES SUMMARY
REINZ has released the latest data for the month of January 2019.
Jack’s Point recorded an overall median sale price of $590,000 (land and sections) 5 total sales
The Otago region recorded a median price of $475,000 and 253 of properties were sold. Queenstown Lakes District recorded a median price of $940,000 and 52 properties were sold. Otago REINZ Regional Director Gail Hudson had the following commentary on the Queenstown Lakes District
“The Queenstown Lakes market saw -32.5% fewer sales than the same time last year, but an increase on December (+4.0%), suggesting that the foreign buyer ban had little impact on the usual holiday sales volume activity. First home buyers remain active as the prices are strong and they fear missing out on getting into the market. Investors are active, and with more of them in the market, prices are firm which adds some pressure to first home buyers. We have seen a jump in open home attendance which is a sign of increasing activity to the market, which is likely to continue to rise in the coming months. Overall enquiry is positive and there is a good feel to the market.” - Gail Hudson REINZ Regional Director
Jack’s Point Realty will release their in depth quarterly report mid-April 2019.
2018 Real Estate Market Report
2018 has proven to be a fantastic year in the property market with a strong increase in values and demand. Statistics show year on year growth in property values, and a leading position in the Queenstown market. Jack’s Point has provided strong investment opportunities and a wonderful growing community to reside or visit.
December 2018 Update
TIME TO BE FESTIVE
2018 is drawing to a end after a fantastic, all be it very quick year. We have a exciting amount of activity both on, and under the ground within Jack's Point Village and the existing residential neighbourhoods of Jack's Point.
WE HAVE BUYERS
Our vast Jack's Point specific and qualified database are looking for built homes. Book in your complimentary property appraisal, and list with Jack's Point Realty to allow us to introduce your home to the right buyer, and get the very best outcome for you.
JACK'S POINT SALES
2018 is proving to be a strong year, already ahead of 2017 with the below sales figures accounting only for January to October.
6 sections exceeded $600,000 and 7 homes sold for a value greater than $1.5m. Jack's Point exceeds the vast majority of Queenstown Lakes areas, including but not limited to: Arrowtown, Arthurs Point, Lower Shotover, Lake Hayes Estate and Wanaka, and far exceed the average Queenstown property price of $1.01m
Statistics according to REINZ
JACK'S POINT VILLAGE
The initiation of key infrastructure works marks the beginning of the Village development schedule; this includes bringing waste-water infrastructure to site, works on internal roading and the flattening of lots to road level.
FRONT & CENTRE
Jack's Point Realty are thrilled to be located amongst the tremendous community that makes up Jack's Point. Being in the heart of Jack's Point, we would love to hear from those looking to get professional and honest feedback on their property value, as well as local market reports and sales analysis.
Queenstown retains its position as a highly progressive, competitive and strong market. The average price for homes sold within Jack's Point in the past 3 months exceeds $1.39m, and we forecast the continuation of strong growth for both properties and land values at Jack's Point. The steady decline of availability of vacant land is drawing investors as well as those desiring to build their dream home. With the implementation of Queenstown's new housing areas and projects outside of Jack's Point, is it evident Jack's Point stands in a league of its own, and provides a quality of living unlike any other location in the world.
Now is a key time to engage. We welcome the opportunity to provide a presentation of the key initiatives for Jack's Point and the masterfully curated Village zones. Jack's Point Realty invite you to list your property with us to achieve a prompt and successful sale. Contact us today.
May 2018 Update
KAWARAU BRIDGE OPENING
NZTA have opened the Kawarau bridge for two-lane traffic as of Thursday 10th May. Free flowing traffic will make getting to and from Jack's Point a quick drive from Queenstown Airport, Frankton and Queenstown Town Centre.
JACK’S POINT GOLF COURSE
Jack's Point Golf Course is closing for the Winter from the 10th June - 18th August.
Recent unconditional sales:
Land - Branigan Court
Land - Kinross Lane
Based at Jack's Point, we will be your friendly on-site agency, with unparalleled focus on Jack's Point, the existing neighbourhoods, the Preserve and the upcoming Village development.
List your property with Jack's Point Realty
If you are interested in selling your property or vacant land, we would be delighted to give you current market information and analysis, and assist you in obtaining a prompt, efficient and successful sale. Help us help fulfil demand of our extensive Jack's Point focused enquiry. Contact us today.