Dunedin Property Report – September 2019 (August 2019 data)
The median sale price for August of $460,000 has reinforced last month’s record of $462,290. This represents an 11.9% increase in the past year.
New listings are up 22.7% but there are still large gaps in available listings in all price ranges. Today there are 243 listings on Realestate.co.nz which is certainly an improvement on 200 in July.
There were only 153 sales compared to 186 in August 2018, again reflecting the lack of available property.
The median number of days to sell has decreased even further from 26 last month to 21.
Investors are starting to return to the market with some other investments becoming less attractive, along with extremely appealing lending rates. The sell off by owners of sub-standard investment properties seems to have settled down and some of those owners who are left are now expanding their portfolios.
As we move into spring, we expect to see a significant rise in the number of listings coming to market. This used to take place in September but is now often towards the end of September or into early October with school holidays having an effect on the timing.
If you are looking for property, we recommend you set up email alerts so you don’t miss new properties the moment they come to the market. Feel free to get in touch if you would like assistance with this.
Joe Nidd AREINZ
Liz Nidd FREINZ