Mood of the Market – July 2017

Dunedin Market Report – July 2017 (June Data)

With the lowest number of listings on the market that we have seen, we have been busy dealing with buyer demand for the few properties that are available. There has been a significant drop in sales numbers from 200 in May to 154 in June. Listing numbers dropping even further to 371 from 388 is not helping the sales numbers. Buyer activity is still strong as evidenced by an open home we held last weekend that attracted 46 groups of buyers. The median days on the market is 25.

The median sale price is back up to a record $360,000 from $355,000 a month ago. The total value of sales was $60 million.

Our latest buyer statistics show that we are back to 25% of purchasers being investors with more than half of them from outside Dunedin. We don’t believe this is having a significant impact on the market at this point but we do keep a close eye on this figure as it is another added pressure on the low stock levels in the city. 8.5% of the property we sold over the last four months was to people moving to the city to live.

We have just launched the 2017 prize for the Nidd Realty Youth Innovation Fund. 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 nidd.co.nz

Joe Nidd AREINZ
Principal/Managing Director

Liz Nidd FREINZ
Team Mentor/Director

 

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