Local real estate agent Hannah Walker from Proppy.co.nz says the company is gearing up for an increase in property listings as the spring and summer selling period approaches.

She said the company is seeing a big jump in enquiries “which usually indicates a higher level of consideration to sell” and a range of external factors add to this prediction.

“With the signal from the Reserve Bank of New Zealand to expect an increased Official Cash Rate (OCR) rise and consequently bank mortgage rates increasing, there appears to be opportunists now wanting to get the best possible price out of this market,” Hannah said.

There is also usually a spring and summer “bounce” in property listings, she said, and “we believe this might come a bit earlier due to looming interest rate rises”.

“With competition increasing for ‘would be’ vendors and more numbers of homes coming for sale in spring you will see the ‘fear of selling with nowhere to go’ falling away,” Hannah predicted. 

Real Estate Institute of New Zealand (REINZ) regional director Gail Hudson also said she expected strong stock numbers going into spring.

“Interest from out-of-town purchasers has remained high, particularly from Auckland and Christchurch,” Gail said.

More than $56M worth of property sold in Queenstown Lakes in July.

They included a top-tier price of $3.7M for a six-bedroom home on a 1,271sqm section in the premium location of Botting Place; and at the least expensive end was a two-bedroom unit on Plantation Road which went for $425,000.

The lowest priced section went for $270,000 and the most expensive piece of land was a 6.05 hectare lifestyle block which fetched $1.7M.

In July prices across the district decreased slightly (by 4.5 per cent) while the median sale price in Wanaka increased by the same percentage (to $1,150,000).

PHOTO: Wanaka App