The strongest activity in the Queenstown property market since the global financial meltdown was recorded in August, the Real Estate Institute of New Zealand (REINZ) says.
A feature of the market was 18 section sales with good demand from Wakatipu families for flat sites in sunny locations.
Demand for family property was also reflected in house sales at Arthurs Point and Lake Hayes Estate.
REINZ Queenstown spokesman Kelvin Collins said this week the median house sale price was held down by strong activity in cheaper apartments and houses from both first-home buyers and investors. There was a noticeable increase in demand from young expat Kiwis looking at Queenstown for property investment.
Activity in the upper price brackets was held back by a shortage of competitively priced property, Mr Collins said. There was also reduced inquiry during winter from Australian residents.
"Listings are starting to increase as we come into spring," he said.
"August 2012 recorded 51 dwelling sales, up 60% on July, and at similar sales levels experienced prior to the mid-winter slow down.
"There were 18 section sales in August which is the highest monthly activity this year."
The combined value of dwellings plus section sales for August 2012 was $31,527,000 which is up 20% on last month and August last year.
Median sale price of dwellings at $462,000 was significantly down on preceding months and reflected activity at the lower end of the market, Mr Collins said.
