Dunedin Property Report – September 2016 (August Data)
There has only been an increase of 13 sales from last month but the 192 sales is exactly the same as last August. The median sale price of $325,000 has settled down just $5,000 on last month’s $330,000.
At 19 the median number of days to sell is the lowest in our team’s experience. There were 11 section sales for the month which is relatively high for the time of year.
There is still a shortage of listings heading into spring with just 451 on Realestate.co.nz and TradeMe at 291. There does appear to have been a slight shift in the balance recently with the inventory of stock increasing over the course of a month for the first time this year. This should stimulate further activity as a lot of people have been holding off on moving due to a lack of buying options.
As predicted, we are already seeing some concern from investors about how they will operate with the new 40% LVR rules. It appears there is quite a lot of shopping between banks to try to find something they can work with and the banks appear to be taking a conservative line during the early implementation of the policy.
Property Management is busy currently with tenancies being signed for next year in many of our properties across both student and residential properties.
Joe Nidd AREINZ – Owner/Principal