Dunedin Property Report – August (July 2017 Data)
We are seeing signs of an end to the listing drought that has affected the Dunedin market for the past year. An improving supply of new listings is coming to market, though sales numbers are still very low at 140, down again from the 154 in June. Total listing numbers at 362 show just over two months of listing stock available at current demand but we expect supply to increase over coming weeks.
The underlying level of activity from buyers is well demonstrated by a sale we had recently where there were 90 inspections over a two-week deadline, six offers at closing and a sale more than 30% above the price guide. The median days on the market is 22. A new record median sale price of $380,000 was an increase of $20,000 from $360,000 a month ago. The total value of sales was $56.3 million.
There’s been an increase again in interest from out of town investors as they see the Auckland market not looking as healthy as it was and also the ability to, in some cases, see a 7.5% return in Dunedin as opposed to the far lower returns in Auckland.
The end of August will see the 2017 prize for the Nidd Realty Youth Innovation Fund closing so if you know a young innovator who could do with $2000 to help them along, encourage them to enter. More details can be found at www.nidd.co.nz
Joe Nidd AREINZ
Liz Nidd FREINZ