Dunedin Property Report - April 2023 (March 2023 stats)

The median sale price in March was $570,000 which was in keeping with recent months and possibly indicates the market beginning to plateau. There were 183 house sales across Dunedin and 4 section sales.

As expected, the median days on the market dropped by around a third to 41 bringing some relief to those looking to sell in a shorter timeframe.

The number of listings available on Realestate.co.nz is 665 as of writing this report. This is a slight decrease on last month with more homes selling or being withdrawn from market than being listed.

We have once again seen the upper-end of the market busy this month with 18 sales over $1m and three sales over $2m.

There has been a marked increase in investor activity with strong interest in many of the properties we currently have on the market where investors had not been enquiring previously. We believe this is due to rents holding up very well while prices have been decreasing, meaning some see this potential price plateau as a good opportunity to purchase a well-geared investment for a reasonable price.

Many of these properties have up-sides for development with the new 2GP zoning allowing for increased density in many cases, adding to the appeal for potential investors.

The OCR increase saw some modest increases in lending rates but others have held strong, having already priced this in.

Joe Nidd AREINZ
Owner/Principal