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April, 2012 Queenstown has followed the trends emerging throughout the country with growth in buyer confidence and activity 20 percent above March 2011 levels.Real Estate Institute of New Zealand Queenstown branch spokesman Kelvin Collines said this follows up a very strong February. First home buyers entering the market still account for the strongest demand but confidence is returning for investors where property has good returns. Sales of dwelling and apartments below $400,000 still accounted for 45% of total volume, which follows on from 40% in February 2012 The only residential house sale over $1 million was a property in Millbrook, he said. This reflects a shortage of quality property for sale in the upper price sector with continued good demand but buyers are discerning. For the first three months of 2012 there were 144 sales of residential houses compared with 109 in 2011, an increase in activity of 30 percent. Section sales were similar with 28 occurring in 3 months to March 2012 compared to 30 the previous year March 2012 recorded 49 dwelling sales up 20 percent compared with 41 dwelling sales for March 2011. March recorded 12 section sales which is similar to the 11 section sales for March 2011. The combined value of dwellings plus section sales for March 2012 was $31,378,940, up 13 percent on the $27,694,300 in March 2011. Median sale price of dwellings at $445,000 was significantly down on previous months and reflects the demand for property under $400,000.
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