Dunedin Property Report - March 2024 (Feb stats)

The median price in February was $590,000, up from $570,000 in February 2023, continuing the steady price trend of the past year.

The median number of days on the market was 39 which is 23 days fewer than last February. This shows the pickup in activity in the Dunedin market, despite there being more listings to choose from.

The number of residential sales in February was 186, which is an extraordinary 39.8% increase from February 2023 and the greatest indicator of improvement in the Dunedin market.

Despite the strong sales data, the number of listings available continues to rise sharply with 677 properties available for sale as of writing this report, up almost 20% from this time last month. 

There were 17 sales over $1m for the month and close to 28% of sales were over $750,000, continuing to reinforce the resilience shown in the upper end of the market.

Debt to Income ratios (DTI) are a hot topic in the sector at the moment with many trying to pick the impact that these are likely to have and who will be affected most. The Reserve Bank proposal is that lending will be limited to 6 x income for owner-occupier lending and 7 x income for investment lending with an exclusion for new homes. The reduction in interest rates and return of interest deductibility is providing some welcome relief for investors but many are expressing concern about how the DTI ratios may impact on their future plans.

Joe Nidd AREINZ
Owner/Principal