Although it looked last month like the supply of listings might start to go a little way towards meeting the demand, it appears that the genie is back in the bottle. Sales numbers are still very low at 174, but have improved somewhat on the 140 sold in July. For comparison, last August there were 192 sales. There are just 351 listings for Dunedin City on the industry website realestate.co.nz.
We are still seeing good attendance at open homes with as many as 30 groups at the first showing. This often creates significant competition at offer time, resulting in prices well beyond expectations. Until the supply of new listings increases we don’t see this changing. We are all waiting to see what the election brings however, as housing appears to be a key political football as parties compete to announce policy aimed at manipulating the housing market.
Median days on the market is 26. The median sale price of $348,250 is well down on the $380,000 of a month ago. The total value of sales was $66.27 million.
The 2017 prize of $2,000 from the Nidd Realty Youth Innovation Fund has now been awarded and we would like to congratulate Toby Dean on his outstanding application. Jessica Gill has been awarded our Community Spirit Award for her work with young netballers. It is exciting seeing the work and vision of these young people in our community and we look forward to announcing our next round of funding.
Joe Nidd AREINZ
Liz Nidd FREINZ