Dunedin Property Report - April 2024 (March stats)

Dunedin’s median price remained at $595,000 in March, an increase of 4.4% year-on-year. 

The median number of days on the market for properties sold in March was 30 which is 25% less time to sell than in March 2023 and a very good indicator of the improved market sentiment, despite buyers having significantly more property to choose from.

The number of properties currently listed on RealEstate.co.nz is 707, up from 677 this time last month, providing plenty of choice for buyers.

The number of residential sales in March was 154, a healthy increase of 34% compared with 115 in March 2023.

There were 18 sales over $1m for the month and close to 25% of sales were over $750,000. This shows continuing movement in the upper end of the market, but many of these properties are taking noticeably longer to sell.

The recently announced rental reforms, changes to deductibility rules, along with strong indicators of coming interest rate reductions are providing some hope to investors looking to either buy their first investment or grow their existing portfolio. Enquiry is still subdued on investment properties but interest is picking up with some good results still being achieved where returns appeal to those looking to act early.

Joe Nidd AREINZ
Owner/Principal