Dunedin Property Report – July 2019 (June 2019 data)
The slight reduction in the median sale price to $427,500 from $438,000 last month is still in line with the trend that we have seen since this time last year.
The number of properties sold increased from 149 in June 2018 to 181 in June 2019.
Dunedin reached the lowest number of properties available for sale since our records began, with only 197 currently on Realestate.co.nz. The combined effect of the low number of listings coming to the market and the relatively high number of sales for this time of year greatly lowered the choice for purchasers and we have seen a marked increase in high levels of competition from purchasers. As a result, there are more unconditional buyers offering on properties to compete against multiple-offers.
The median number of days to sell has decreased a little to 26.
Most of the discussion relating to property this month has focussed on the introduction of the Healthy Homes requirement for insulation. Despite investors and property managers having had three years in which to comply, it appears that in some areas there are still many who have not. There is the potential of damages being awarded up to $4,000 for non-compliant owners, so we will be watching to see how the authorities respond as the first cases come in. This may set the bar for the next stages of the Healthy Homes Standards as a message is sent to owners not prepared to meet these requirements.
Joe Nidd AREINZ
Liz Nidd FREINZ