Dunedin Property Report – October (September 2017 Data)
The last month has seen a continuation of low sales numbers with just 177 sales across the city. This is compared with 184 last September and reflects the continuing shortage of new properties coming to the market. There are just 355 listings for Dunedin City on the industry website Realestate.co.nz.
While we are still awaiting the announcement of who will govern us for the next three years we ponder whether this will make any significant change to the Real Estate Industry. The discussion of foreign ownership of property has become a point for negotiation in the coalition talkfest. If the door is shut it is unlikely to have a significant impact locally but may have a greater effect further north and in Queenstown.
The median number of days on the market is still low at 22. The median sale price is again $380,000, equalling the record set in July. The total value of sales was $75.7 million.
Many readers will be aware of the recent case in Dunedin where it was ruled that a tenancy was illegal based on a lack of a permit/consent in a tenanted property resulting in all rent charged being refunded. This serves as an important reminder to ensure that adequate due diligence is carried out before purchasing a property to ensure it is suitable for your intended use.
A quick visit to your lawyer and the Dunedin City Council along with employing a professional building inspector can make the process run smoothly both before and after a purchase.
Joe Nidd AREINZ
Liz Nidd FREINZ