Dunedin Property Report - August 2022 (July 2022 stats)

The July stats reflected what agents across the city are experiencing with a continued softening in sale prices and a median now at $600,000. This is similar to the median in early 2021 when we were seeing a rapid increase in prices.

There were 142 sales for the month which is well up on June and more than the 135 in July 2021. This is in line with what we are experiencing, with improving numbers through open homes in recent weeks and more multiple offers than we have seen for some time. This is likely an indicator that buyers are starting to see value with the lower prices and that finance is becoming a little easier to come by with the banks loosening up criteria in some cases. It has also helped to see a stabilising of interest rates and rate forecasts.

We have also seen a decrease in the number of properties available with around 10% less property available now than at this time last month. This is no doubt, in part, due to some properties being withdrawn that have not sold, but it also indicates that there is enough buying pressure to clear at least an equivalent number of properties as those listed each week.

Section sales are continuing to be few and far between while the news around the pressure in the building industry continues. The good news is that supply chains are reportedly loosening up, some alternative products are now making it to market where there have been shortages and building companies are competing for new business.

The overall sentiment is that although prices are returning to 2020/2021 levels, buyer interest is up and well priced properties are selling, with some receiving multiple offers. Many who are buying and selling in the same market are now getting on with their plans and those first home buyers who are able to obtain finance are seeing opportunities.

Joe Nidd AREINZ
Owner/Principal