The Market

October 2024 was a bustling month for the Arrowtown property market, reflecting a significant shift from the same period last year. A total of eight houses and one section were sold during the month, showcasing strong buyer activity. The average house sale price was $2,304,946, a notable increase from $1,916,667 in October 2023. The highest recorded sale reached an impressive $3,100,000.

On average, properties spent 73 days on the market this October. This is a significant change from the swift average of just five days seen in October 2023. The rapid sales in 2023 were driven by extremely low stock levels and heightened demand, creating a highly competitive environment. In contrast, the current longer days on market reflect a more balanced market with greater inventory availability, giving buyers more time to make informed decisions.

The month also saw an influx of fresh opportunities for buyers, with 15 new listings entering the Arrowtown market. This increase in stock has been a welcome development, particularly as demand remains strong. Arrowtown continues to be a desirable destination for property buyers, offering its unique blend of historic charm, tight knit community, and premium real estate. The rise in the average sale price underscores the ongoing confidence in this market, while the extended time on the market suggests a return to healthier, more sustainable conditions.

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

The Queenstown property market showed a strong performance in October 2024, with total sales volume reaching $144,328,088. This reflects a notable increase compared to the $110,302,554 recorded in October 2023 and a slight rise from the $137,267,587 seen in September 2024. A significant driver of this activity was the substantial increase in new listings, with 161 properties coming to market in October 2024, representing a 63% rise compared to the same period last year.

For houses, units, and apartments, the October 2024 average sale price was $1,650,475, up from $1,505,601 in October 2023 and $1,358,252 in September 2024. The highest sale price for the month was $4,910,000, while the lowest was $400,000. The total number of house sales also increased significantly, with 79 transactions completed compared to 62 in October 2023 and 59 in September 2024. However, properties are taking longer to sell, with the average days on market extending to 72, up from 54 days in October 2023 but slightly shorter than the 76 days recorded in September 2024.

For sections, the average sale price in October 2024 was $939,100, down from $1,044,167 in October 2023 with the highest section sale price reaching $2,100,000.

High value sales played a significant role in the market’s strength this October, with 21 properties selling for over $2 million. This contrasts with just five sales over $2 million in September 2024, highlighting increased activity in the premium market segment.

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 31 October 2024, sourced from REINZ.