Dunedin Property Report - September 2023 (August 2023 stats)

The most notable result for August was the increase in sales, which rose by 33% from 121 in July to 161 in August. This reinforces anecdotes from agents of increasing buyer activity.

The bulk of this activity is in the mid-to-lower value range. To illustrate this point, around 80% of sales in August were below $750,000. This was reflected in the median price of $555,000 which is down on recent months but in keeping with the trend since January this year.

In contrast, there were only 11 sales over $1m for the month. Fewer buyers are choosing to extend borrowing and buy up the market while interest rates remain high.

The median number of days to sell increased to 44 which is also in keeping with recent trends.

The number of listings available on Realestate.co.nz continued to drop and is now edging towards 400, down around 20% from close to 500 just two months ago.

The lack of stock coming to market is providing good results for those selling first homes where vendors are benefiting from very few properties to compete with.

As the election nears, we are noticing an increasing influence on decisions being made by both buyers and sellers. Some see an opportunity to buy at what they perceive to be the bottom of the market, while others are waiting for the election outcome before making a decision. This is shaping up to be one of the most significant elections in terms of housing policy in recent memory.

Joe Nidd AREINZ

Owner/Principal