The Arrowtown Market Update May 2016

Arrowtown Market Review – May 2016

2016 continues to be a busy time in Arrowtown real estate with 28 sales recorded during March and April, the majority sold by this company.

Auctions and no price marketing appear to be the way to sell at the moment with a large number of buyers attending most auctions. Two of our auctions held at the end of April saw great prices achieved with record numbers attending.

The Ritchie Street auction attracted over 100 people with competitive and spirited bidding taking place. It would appear the market is still holding well with good buyer inquiry in most price brackets, especially the $600000 to $900,000 bracket.

There is and has been for some time three very separate price zones in Arrowtown. The Historic Zone is commanding extraordinary prices, the family home in the streets beyond Suffolk Street / Adamson Drive sell from $750,000 to $900,000 and the homes on Cotter Avenue and Advance Terrace selling from $1.5 million upwards.

Sellers need to be very clear that the Historic Zone is attracting high pro le buyers from Auckland, Wellington and Sydney and they are not interested in the other parts of town, hence the higher prices being achieved close to the Village centre.

The Autumn Colours this year have been stunning as was the shortened Autumn Festival with record number of tourists visiting our town, especially the Chinese. It would be nice if they learnt a few manners and kept out of people’s gardens and property!
With winter approaching we see the market remaining rm with listings still in short supply. To achieve the best price for your property contact one of our 9 local sales consultants for a free no obligation appraisal of your home.

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Posted by Michael Tierney