Dunedin Property Report – March 2018 (February data)
The numbers for February are in line with what we expected. There were 214 sales, 20 more than last year when there was a lack of new listings coming to the market. This was a significant improvement on January when there were just 138 sales.
The median is back up from $362,500 to $371,935 edging closer to the all-time high from December of $385,000.
The median number of days to sell is 36 which is high compared with the same time last year when it was only 21. The increase in choice for buyers has meant they have been able to take a little longer to make decisions.
There are still many buyers competing for property and even with 299 new listings brought to the market last month, the demand remains very high. A recent example was a property we received 16 offers for at deadline with 10 of those being cash, unconditional.
With the DCC’s Second Generation Plan for the city getting closer to taking effect, changes in zoning and potential use are influencing buyers’ decisions where value may be affected. If you haven’t investigated properties you own or are looking at purchasing, visit https://2gp.dunedin.govt.nz/ for maps, plans and information relating to the new plan.
Joe Nidd AREINZ
Liz Nidd FREINZ