Dunedin Property Report - December 2023 (Nov stats)

The median price in November was $597,000. This is in line with the trend of a steady median around $600,000 as we head into 2024.

The median number of days on the market remains quite low at 35, although well priced properties are often selling within two to three weeks of coming to the market.

The number of sales was up almost 15% from last month with 188 sales recorded. This is also an increase from 170 in November 2022.

The number of available listings has continued to climb, peaking at almost 600 during the past month. We are now seeing that number decline temporarily as listing activity slows for the break and buyer activity remains strong.

The upper end of the market continued to improve with 21 sales over $1m and 60 sales above $750,000. 

Much is being made in the media of the changes expected in the first 100 days of the new government.

One clear area of interest heading into 2024, is the impact that changes to rental legislation will have. The supply of properties has remained very tight over recent years with few investors entering the market or growing their portfolio while net migration was close to 130,000 for the year to October. When coupled with low construction numbers, this has created a perfect storm for an already difficult rental market for both owners and tenants.

Thank you to all our clients for another great year. We look forward to assisting you with your property plans in 2024.

Joe Nidd AREINZ
Owner/Principal