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From reporter Debbie Jamieson:
Queenstown median house prices have dipped below $1 million for the first time in 18 months.
Real Estate Institute figures for April show a 22.1% decrease from the same month last year, from $1.22m to $950,000 for the tourist town.
The last time it dipped below $1m… View moreFrom reporter Debbie Jamieson:
Queenstown median house prices have dipped below $1 million for the first time in 18 months.
Real Estate Institute figures for April show a 22.1% decrease from the same month last year, from $1.22m to $950,000 for the tourist town.
The last time it dipped below $1m was in August 2020, and the median price has regularly been in seven figures since 2018.
There was an even larger drop in Wānaka, where the median price dropped 43.3% to $635,000, largely due to sales of townhouses at the Riverside Residence development.
Of the 58 sales in Wānaka this April, 24 were townhouse purchases from Riverside Residence between $400,000 and $700,000, according to a report from the institute.
The median price excluding these sales would have been $1.115m.
There are 62 units within Riverside Residence, many of which are sold for short-term accommodation only.
Real Estate Institute Otago/Southland spokesperson Liz Nidd said the market across the country had been affected by Covid-19 and recent school holidays.
“There is a rationalisation of the market happening, but it’s too early to panic,” she said.
The report says owner-occupiers were the most active buyers in the Central Otago and Queenstown Lakes regions, although finance was challenging for many purchasers.
First home buyers in the region were scarce due to tightened lending conditions, loan to value ratios and rising interest rates.
“Anecdotally, unless first home buyers have support from the bank of mum and dad, they tend to be priced out of all but the outer suburbs,” Nidd said.
The 25 apartments are among the first of up to 4000 Housing Minister Megan Woods hopes will go through the $400m Progressive Home Ownership scheme.
Queenstown Community Housing Trust executive officer Julie Scott said even with the drop in sales prices, homes in the region remained far out of reach for low and middle income households.
“This makes absolutely no difference,” she said.
The trust has almost 800 households on its waiting list.
The institute’s report says investors had also stepped back from the market due to new tax legislation, despite rents increasing.
A lack of rental properties was making it difficult for prospective tenants.
Nationally, house sales nationwide tumbled by 29.3% between March and April, highlighting the ongoing slowdown of the market, the institute said.
Its latest figures showed there were just 4860 sales around the country in April. That was down 35.2% from the 7497 sales at the same time last year.
In Queenstown, sales decreased by 10.9%.
Agents said “fear of missing out” was replaced with a “fear of overpaying”.
“With fewer buyers in the market, there is less competition, not as much urgency and vendors have become more realistic in their expectations.”
Agents were hopeful that the Central Otago/Lakes region might see some more overseas buyers now that borders are open but are also aware that some Kiwis will leave New Zealand after two years of Covid-19.
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NZ Compare is the home of easy and free to use comparison sites. We’re passionate about helping Kiwis compare what’s out there, so we wanted to introduce you to a new member of our brand family – PriceMe!
PriceMe is NZ's largest comparison-shopping site, sounds fun right?! Whether … View moreNZ Compare is the home of easy and free to use comparison sites. We’re passionate about helping Kiwis compare what’s out there, so we wanted to introduce you to a new member of our brand family – PriceMe!
PriceMe is NZ's largest comparison-shopping site, sounds fun right?! Whether you're buying electronics, appliances, smartphones or watches, hair straighteners or any other everyday household or office product – find the best prices on PriceMe.
Make it your first stop, not an afterthought Neighbours!
Plus, you don’t need to leave the house! Shopping made simple, just how we like it.
First time house hunting can be a bit depressing. Homes in your price range are often run down, miles from a main centre, or cramped and featureless.
But what if your first home didn’t have to be a characterless box miles from the centre of town? What if it could be filled with history and … View moreFirst time house hunting can be a bit depressing. Homes in your price range are often run down, miles from a main centre, or cramped and featureless.
But what if your first home didn’t have to be a characterless box miles from the centre of town? What if it could be filled with history and quirky architectural detail, and just seconds from the CBD?
Three apartments at 81 Moray Place, Dunedin, tick a few key first time buyer boxes: They’re a five-minute walk from the Octagon, and have more character than ten villas combined - all for less than $540,000.
Continue reading here.
Business is tough and finding the right broadband plan or provider can be just as rough, so let's make it a little easier.
We want you to focus on achieving your strategy, not going from site to site, call to call to get a good deal! So we've launched Business Compare - a simple, free … View moreBusiness is tough and finding the right broadband plan or provider can be just as rough, so let's make it a little easier.
We want you to focus on achieving your strategy, not going from site to site, call to call to get a good deal! So we've launched Business Compare - a simple, free to use website that will help you compare NZ broadband retailers that supply businesses just like yours!
NZ Compare is here to help Kiwi businesses find the right plan, the right provider, the right fit. Go visit Business Compare now!
During challenging times, our habits and hard work can make or break us. Taking time to focus on our health and wellbeing help us build and maintain resilience. Here are 3 ingredients that we follow at NumberWorks'nWords, to achieve resilience!
Happy Mother's Day from the team at NumberWorks'nWords!
Today we honour mothers of all sorts - step mums, adoptive mums, birth mums, mothers of many, mothers of one, and every mother in between.
This modern, stylish planter finished in Resene is a great option to show off a statement plant. Find out how to create your own.
From lingerie to coats, jewellery and scarves, we have many options for gifting this Mother’s Day 💐
We are incredibly proud to launch Short Notice is a new initiative designed to connect neighbours with a little spare time on their hands with local businesses that need a bit of extra help!
It's very simple; using the new Short Notice community hub, share a little about yourself, your … View moreWe are incredibly proud to launch Short Notice is a new initiative designed to connect neighbours with a little spare time on their hands with local businesses that need a bit of extra help!
It's very simple; using the new Short Notice community hub, share a little about yourself, your availability and how you'd like to help.
If you're a business owner sign up for a FREE Premium Business listing to get access to Short Notice and let your community know what help you need.
Together, let's help keep small businesses busy!
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Taking small steps and setting smaller goals has the power to reduce distractions, clear our path to success, and increase motivation and productivity. It is important to focus on the small steps to reach our end goal, as each step propels us closer.
Speak to our team today about how we can help … View moreTaking small steps and setting smaller goals has the power to reduce distractions, clear our path to success, and increase motivation and productivity. It is important to focus on the small steps to reach our end goal, as each step propels us closer.
Speak to our team today about how we can help your child take the next step with their learning.
Graphite on art paper and framed in a 47cm x 56cm (approx) frame. This is an original drawing, not a copy. Selling at a very reduce price. Pick up Green Island.
Congratulations to Robert Fenwick, owner of Fenwicks Pharmacy in Canterbury, the 2022 Prospa Local Business Hero.
Robert has been recognised for his ongoing service and support for the community through tough times. Fenwicks pharmacy remained open throughout the lockdown with friendly greetings,… View moreCongratulations to Robert Fenwick, owner of Fenwicks Pharmacy in Canterbury, the 2022 Prospa Local Business Hero.
Robert has been recognised for his ongoing service and support for the community through tough times. Fenwicks pharmacy remained open throughout the lockdown with friendly greetings, conversations and smiles!
Congratulations to all the finalists and thank you for nominating your favourite local business. We'd like to acknowledge the official winner of the public voting poll, Josh Coe, owner of Page 42 cafe. Unfortunately, Josh has decided to close his business after 3.5 years and we wish him all the best.
A world-leading health and education precinct in central Dunedin has been unveiled by the Southern District Health Board.
The health board worked with local rūnaka, tertiary institutions and other stakeholders to develop a plan that would enhance Dunedin’s city centre, SDHB chief executive … View moreA world-leading health and education precinct in central Dunedin has been unveiled by the Southern District Health Board.
The health board worked with local rūnaka, tertiary institutions and other stakeholders to develop a plan that would enhance Dunedin’s city centre, SDHB chief executive Chris Fleming said.
Along with the city’s new $1.4 billion hospital, which will include the site of the former Cadbury factory, the plan, Te Whakaari – The Promise, includes green spaces, additional healthcare services, and retail areas.
The precinct will be between the current hospital site and Lower Stuart St, and will support the revitalisation of the central city.
“Te Whakaari focuses on wellbeing, equity, sustainability, adapting to the effects of climate change, and contributing to a sense of local identity,” Fleming said.
The plan would complement the council’s central city plan, and provide a link between the tertiary precinct to the north of the city and the cultural and entertainment quarter to the south.
The precinct design features three phases of development: short-term (until 2030), medium-term (until 2040) and long-term (until 2080).
That short-term plan includes the completion of the new Dunedin Hospital and a 500-space car parking facility that would be suitable for electric vehicles and cycles.
It will also have an interprofessional learning centre for student learning, and a “translational research centre”.
It is hoped developers will provide retail activity in the precinct during the short-term phase of development.
The medium-term plan would result in Southern Blood and Cancer Services moving south of the new Dunedin Hospital, while the long-term plan allows room for the development of future services.
Meanwhile, spaces between buildings are being set aside for a “green spine” to encourage pedestrian and social activity at the heart of the precinct.
The green spine forms part of a larger greenway loop, and works in tandem with planned upgrades to Dunedin’s retail quarter.
Te Whakaari would help inform future infrastructure decisions for Dunedin, as the health board transitions to Health New Zealand.
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