Dunedin continues to hum. There were 259 sales and there would have been considerably more if there had been more property available on the market. This is 37.5% up on 188 in May last year. The number of visitors to open homes is amazing with one listing recently having 107 inspections during a two-week deadline sale process.
The median number of days on the market was 25. The median sale price was $307,000 and the total value of sales was $90.4 million. There were 13 section sales for the month which is higher than usual heading into winter.
Listings are still very tightly held with realestate.co.nz at 516 which is extraordinarily low when compared to 840 in May 2015 and 917 in May 2014. There are just 325 listings on trademe.co.nz.
The market between $300,000 and $600,000 is where we are seeing significant growth in sales numbers. We are now even seeing many first home buyers starting to look upwards of $300,000 with mortgage rates low, KiwiSaver deposits maturing coupled with the increasing prices of entry level properties.
We have been very excited by the amazing entries we have received from talented young Dunedin people for our Youth Innovation Grant. Now for the really hard part as we agree on a winner. Watch this space!
Don’t hesitate to contact us on [email protected] or 477 4470 if you would like to arrange a visit from one of the team to help establish the value of your property in the current market.
Joe Nidd AREINZ
Liz Nidd FREINZ