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Dunedin Market Report - August 2016

August 2016 - Dunedin Property Market and House Prices Reports

The mid-winter figure of 179 sales is only a small reduction from 187 last month, but well up on 155 last July. The median sale price has once again broken the record, continuing the upward trend to $330,000, up from $320,000 last month.

The median number of days on the market was 25, up from 20 in June. There were 15 section sales for the month which is one of the highest figures seen in Dunedin for this time of year.

Listing numbers continue to trend downwards with just 441 on Realestate.co.nz and TradeMe at 303.

It will be interesting to see what effect the new rules established for bank lending will have on the market, especially those looking to invest. The effects may be seen sooner rather than later with a number of banks already enforcing the new 40% LVR rules.

Over the last 3 months, more than 36% of our sales were to investors so there is no question that they are having a significant influence on the market. Of interest is that 65% of these investors were from outside Dunedin, possibly reflecting the regionalised LVR’s enforced earlier in the year. We also note that almost 1 in 10 of our sales was to a buyer from outside Dunedin intending to live here.

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 
Principal/Managing Director

Liz Nidd FREINZ
Team Mentor

 

August 2016 Market Report Infographic

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