Dunedin Property Report – December 2018 (November data)
The median sale price was $425,000 for November. This was slightly down on the record of $430,000 in October. The number of sales was 242, up from 232 in October and down just a little on 253 in November 2017. It has been pleasing to see the number of listings available maintained at 340, though the market could still absorb a lot more.
The median number of days to sell was only 23 though many properties around the median sale price are selling in less time, with many sold within two weeks.
The promised relaxation in the Loan to Value Ratios coming into effect from 1st January 2019 could make things slightly easier for first home buyers. We do not, however, see it making a significant difference to the buoyant Dunedin market which is fundamentally being driven by a supply and demand imbalance.
As we move closer to the holiday break it is interesting to see many properties still being listed with deadlines closing prior to Christmas. In the Nidd Realty office we have a significant number of listings committed to starting in the New Year. This appears to be the case across other agencies too, hopefully providing some relief to buyers frustrated by a lack of choice in the local market in 2018.
We would like to thank all our clients for their support this year and wish you all a safe and happy Christmas break. We look forward to working with you in the New Year.
Joe Nidd AREINZ
Liz Nidd FREINZ