Dunedin Property Report - August 2023 (July 2023 stats)

The median price increased to $625,000 in July, a significant increase from $585,000 in June but still in-line with the plateau in prices we have seen recently when taking into account monthly variability.

There were 117 sales in July which is low for this time of year but not surprising given the shortage of new listings coming to the market.

The most significant change has been the median days to sell which has dropped to 39 in July, ten days fewer than in June.

The number of listings available on Realestate.co.nz has dropped significantly again from 498 this time last month, to 459 as of writing this report.

This shortage of available listings is really starting to show in the market with open home numbers continuing their upward trend and buyers showing increased motivation to make decisions, especially on well priced properties in the lower to middle price bands.

We saw good activity continuing in the upper end of the market with more than 11% of sales over $1m in July.

Pressure remains on the local rental market with occupancy levels incredibly high, leaving very few properties available for rent. Anecdotally, investors looking to grow their portfolios are scarce due to the increased cost of rental ownership. When this is coupled with investors currently selling or intending to sell soon, the shortage of quality rental properties looks set to only get worse.

Joe Nidd AREINZ
Owner/Principal