July was a slower month for sales activity in the Queenstown property market, 43 property sales being completed, the Real Estate Institute of New Zealand (REINZ) says.
REINZ Queenstown spokesman Kelvin Collins said on Friday the drop in sales activity "is the normal midwinter blues" resulting from a shortage of new listings.
"Sellers have also got optimistic after a period of good property sales activity, but buyers have been cautious, with the recent economic outlook affecting their confidence.
"The exception to this is the lifestyle market, which has experienced good activity in both vacant blocks and several sales over $2 million," Mr Collins said.
There had also been good demand for sections under $250,000 from residents looking to build, he said.
July 2012 recorded 32 dwelling sales, which was the same as July last year, but down 23% on June.
There were 11 section sales in July, compared with 14 in July 2011.
The combined value of dwellings plus section sales for July was $26,275,500, which was slightly up on July last year.
At $563,750, the median sale price of dwellings was up 11% on July 2011.
