Dunedin Property Report – May 2019 (April 2019 data)
The median sale price for April was the same as March at $439,000. The number of sales was 190, which is down more than 14% from March. The number of listings on Realestate.co.nz has pulled back again from 375 to 346. The median number of days to sell has increased from 22 to 27.
The increase in time to sell and reduced number of sales are a common trend for this time of year as the number of public holidays delays people’s buying and selling decisions.
Much has been made of the Reserve Bank’s decision to cut the official cash rate to 1.5%, with banks already lowering interest rates in response. We expect this will continue to stimulate the local market with the limited supply of property available. People are still competing very actively for properties, particularly in the first and second home price ranges.
The Dunedin City Councillors have voted to adopt the Mayor’s Taskforce for Housing final report and, for the next two years, will spend $130,000 each year to assist in the implementation of the Housing Action Plan.
Recommendations include improving the council’s resource consent process and establishing whether public land could be better used to encourage development. It is hoped that this will go some way to addressing the shortage of new property being constructed in the city and improving the ongoing strain this puts on housing.
Joe Nidd AREINZ
Liz Nidd FREINZ