Welcome to the Silver Creek Newsletter, with the festive season fast approaching we thought you would like a round up what is happening in our neck of the woods.
Recent activity here at Silver Creek has been very pleasing, sales in the Creekside Neighborhood have been very positive with 7 of the 13 house and land packages available now under contract.
The Summit is also ticking over nicely with now only 3 sites available in the front row. Demand is such that we will be releasing another 5 sites on the upper level of the Summit very soon, the views from these sites will be amazing.
New Neighborhood Release
We now intend to release a new neighborhood to the market in the very near future, located just east of the proposed Lodge, Sycamore Grove will be in a very central position, we expect that interest in this neighborhood to be high. These sites will be a combination of house and land packages and land only. Please don’t hesitate to contact me if you would like more information.
Queenstown Real Estate market update.
The October REINZ sales statistics came out this week, the median price for sections was $2,200,000 and for dwellings it was $1,340,000, it is interesting to see the median days on market for dwellings dropped from 56 days in September to 47days in October. Real Estate agents are experiencing strong buyer demand driven by a genuine need to find a home.
Suburbs who saw the biggest volume of sales in October were Fernhill/Sunshine Bay and Arrowtown, with Arthurs Point, Jacks Point and Shotover Country also experiencing good activity.
Dwellings in the $1-$1.5mil price bracket saw the highest volume of sales (19), followed by the sub $1mil price range seeing 13 dwellings sold.
Sections ranged from small entry level sections in Jacks Point $550,000 to an expansive 1.67-hectare site on Tucker Beach Road selling for $3.1mil.
When comparing our dwelling median sale price and volume of sales year on year for October there is a decrease in both. Take us back to October 2021, the Government announced further restrictions to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) to be introduced in 1st December 2021 which recreated a flurry of sales activity in the last quarter of 2021 driven by buyers anxiously wanting to secure a property prior to pre-approvals expiring, unsure if they would meet new CCCFA lending requirements. This high level of activity was closely followed by a lull in January 2022. Queenstown is one of few markets in NZ that has experienced growth in 2022, albeit moderate.
A year later we see banks willingness to lend slowly improving, some banks even reducing their uncommitted monthly income. Banks are willing to get deals over the line and in some cases offering 1% cash for new loans over a certain amount. Investors are also experiencing some banks applying a slight loosening of rental income shading. My thanks to Harcourts Queenstown for providing this information.
Festive Break
It is our intention to have the showroom open during the holiday season so if you are in town, please feel free to pop up for a chat, you may even get a tea or coffee out of me!
All the best for the festive season from the team here at Silver Creek, we hope you have a safe and enjoyable time with family and friends.
Best regards.
Peter and the Silver Creek team
