Dunedin Property Report - July 2023 (June 2023 stats)

There was a modest increase in the median sale price in June, up to $585,000 from $565,000 in May. This reinforces the trend of a plateau in Dunedin prices since the beginning of the year.

There were 147 sales in June which is up from 126 in June 2022. This supports what we are seeing at the front line with buyers acting more decisively than this time last year.

The median days on the market held at 49, up two days from May and up just one day from 48 in June 2022

We are continuing to see a steady decline in available listings with the number of properties advertised on Realestate.co.nz, as of writing this, at 498. This is a drop of more than 10% from this time last month.

As a result buyers are often competing for well presented, well priced properties, with many properties now receiving multiple offers.

There were 6 section sales in June and anecdotally, there is confidence in the building sector that activity will increase as interest rates level off.

The upper end of the market is showing signs of recovery with more than 12% of sales in June over $1 million. This is up from just 7% of sales over $1 million in May.

Although these positive indicators hint at a recovery, it is likely that activity will remain tempered for the foreseeable future. Some vendors are seeing the current situation as an opportunity to sell before the likely injection of property coming to the market expected post-election.

Joe Nidd AREINZ
Owner/Principal