Dunedin Property Report - November 2022 (Oct 2022 stats)

The October statistics continued the trends from recent months, with tempered buyer activity and plenty of new properties coming to the market.

The median sale price of $621,000 is in keeping with the price trend of recent months, in the early $600,000’s. This is comparable to the median sale prices seen in late 2020 to early 2021.

The median number of days to sell has increased again to 46. This can be attributed, in part, to the significant number of new listings that came to the market providing more choice for buyers - more than 270 from our internal tracking.

The number of sales for the month was relatively low at 148, down on October 2021 (174) and October 2020 (205).

The number of listings available on Realestate.co.nz lifted to 634 - almost 100 more than this time last month. This increase is a good indication of more property being listed than is being sold.

A significant development for the future of the Dunedin property market and housing supply, is the scrapping of the proposed requirement in Dunedin for pre-1940s houses to be assessed for their heritage value before demolition is permitted.

This will likely result in developers taking advantage of the higher density 2GP residential zones more readily, allowing the provision of new, warmer, healthier homes for more people.

Heritage advocates have expressed some dismay at this outcome, but the difficult balance between heritage value and providing housing to more New Zealanders is a difficult equation in which to achieve a perfect balance.

Joe Nidd AREINZ
Owner/Principal