Dunedin Property Report - September 2022 (Aug 2022 stats)

The Dunedin market showed fresh signs of life in August with open home numbers up, stronger offers coming in and the number of sales up from last year at 153 compared with 125 in August 2021.

The median sale price held steady at $600,000 after a gradual decline in recent months reflecting the broader trend across New Zealand.

The median time to sell remained at 47 days and encouragingly, a number of Nidd Realty listings that have been waiting for the right buyer generated fresh interest and a good result for the sellers.

The number of listings available on Realestate.co.nz continued to decline to below 500, providing further evidence of stronger buyer interest. This is reinforced by our internal tracking showing fewer new listings for Dunedin City than the number of sales in August.

Section sales were still few and far between but with five sold across a range of prices and locations, this is an improvement on recent months and reinforces the uptick in section activity we have seen in our office.

There has been a notable number of investment properties coming to market as some investors look to sell older stock. The higher interest rates, additional compliance requirements and new tax deductibility laws are all likely contributors to this.

Anecdotally, there are a lot of properties being prepared for a spring launch with the hope of selling before Christmas. This should provide further stimulation to the Dunedin market as the majority of people selling are doing so out of necessity, such as a growing family or downsizing and therefore are also buying again locally.

Joe Nidd AREINZ
Owner/Principal