The Market

In November 2024, the Arrowtown property market showed strong activity, with five house sales achieving an average sale price of $2,031,000. Houses in Arrowtown continue to perform well, selling on average 26% above their capital value (CV). The highest sale for the month reached $2,800,000, highlighting the town’s appeal to buyers seeking premium properties.

Properties sold efficiently, with an average of 49 days on the market, reflecting robust buyer demand. The market also saw an influx of new opportunities, with 14 properties coming to market during the month, offering buyers a broader range of options.

In the sections market, a single sale was recorded at $1,225,000, demonstrating the continued value and appeal of land in Arrowtown despite limited availability. Arrowtown’s unique charm and market resilience continue to attract buyers seeking high-quality properties.

For those considering buying or selling in Arrowtown, now is an excellent time to make your move. Our team at Ray White Arrowtown is ready to assist with all your property needs and help you navigate this exciting market.

QUEENSTOWN MARKET

November 2024 saw strong activity in the Queenstown property market, with noticeable growth across both residential properties and sections compared to the same period last year. The average sale price for houses, units, and apartments increased by 12.6%, reflecting higher buyer confidence and demand. The highest recorded sale of the month surpassed the previous year by 46%, highlighting interest in premium properties, while the lowest sale price showed a significant improvement, more than tripling last year’s figure.

Transaction volume for residential properties rose by 35%, with 84 sales completed compared to 62 in November 2023. However, buyers took longer to make decisions, as the average days on market extended to 73, up from 58 days last year.

The sections market also experienced substantial growth, with the average sale price up by 30% compared to November 2023. Both the highest and lowest sale prices for sections exceeded last year’s levels, and sales volume increased by 50%, with 18 sections sold. Despite this activity, sections continued to take significantly longer to sell, with the average days on market increasing to 205.

Overall, total sales volume for November 2024 rose by 73%, driven by a higher number of sales and a shift toward higher-value transactions, including 25 sales over $2 million. While vendors maintained high price expectations, increasing stock levels in the market encouraged more realistic negotiations. Buyer interest remained steady, particularly in unique properties and areas with limited availability, with owner-occupiers and first-home buyers leading the charge.

Disclaimer: Every precaution has been taken to establish the accuracy of the information contained in this report but does not constitute any representation by the publisher or licensee, interested parties must rely on their own inquiry. This report includes sales statistics up to 30 November 2024, sourced from REINZ.