Dunedin Market Report - June (May Data)
Although May has been a relatively mild month, sales data is more like what we would expect from a mid-winter period. Sales numbers were up on the 181 of April, though 200 is still slim pickings. With listing numbers dropping even further to 388 from 456 this is continuing to put real pressure on buyers. The median days on the market is 22 which shows the speed of response from buyers.
The median sale price is back up to $355,000 from $350,000 a month ago, continuing the trend toward the upper $300,000s. The total value of sales was $82 million.
The old saying that ‘cash is king’ continues to haunt buyers as they struggle to make their offers as attractive as possible.
They need to carry out appropriate due diligence but are often finding they are between a rock and a hard place when the property is attracting multiple offers in a short period of time. We are trying to assist by taking properties right through to deadline but it is good for buyers to be as prepared as possible before offering on a property. We are always happy to help with advice in this area.
We have just launched the 2017 prize for the Nidd Realty Youth Innovation Fund. If you know a young innovator who could do with $2000 to help them along, encourage them to enter. More details can be found at nidd.co.nz
Joe Nidd AREINZ
Liz Nidd FREINZ