Dunedin Property Report – October 2018 (September data)
The median sale price was $400,000 for September, back a little from the median of $414,000 in August. The median sale price just one year ago was $360,000 showing how much movement there has been in the market. The number of sales was 172, down from 184 in August and 176 in September 2017. The median number of days to sell was only 24.
Stock levels have been a little more static as school holidays slow the market a little with only 314 listings available, up from 307 last month. We expect to see an active market return over the coming weeks as people who have been holding off aim to get sold before Christmas.
While median prices in some regions continue to rise, there is much discussion taking place around the country about affordable housing. Interestingly, in one of New Zealand’s least affordable locations, Wanaka, construction of 211 KiwiBuild homes has been announced providing welcome relief to those trying to get a foot on the property ladder in the region.
With the upcoming construction of the new hospital in Dunedin, there may be a significant housing shortage if the resultant population growth eventuates. The shortage of development land available makes similar projects to the KiwiBuild plan in Wanaka difficult and developers are waiting to see whether provisions will be made to accommodate development of the homes required to overcome this potential obstacle to growth in the city.
Joe Nidd AREINZ
Liz Nidd FREINZ