Although Dunedin only had 180 sales in October, we are at last seeing the release of property to the market that we have been waiting for. There were 291 new listings in October leaving a nice surplus when the number of sales for the month is taken into account. Realestate.co.nz is showing 463 listings up from 355 in September reinforcing this observation. This is providing buyers with more choice and we are finding that people who have been holding off selling because they have been unable to find a suitable property, are now finding buying options and considering selling again.
The median number of days on the market is still low at 21 but we may see this stretch out a little with more availability of stock. The median sale price has stabilised at $380,000, which it has been for 3 of the past 4 months. The total value of sales was $77.9 million.
We commented last month on the case where a tenant claimed their entire rent back because of unpermitted work in the property. A judge has ruled differently on a recent case bringing this interpretation into question, so we are watching with interest. The industry is seeking guidance on these rulings and we will keep you updated.
We continue to encourage a quick visit to your lawyer and Dunedin City Council along with employing a professional building inspector prior to making a purchase, particularly of an investment property.
Joe Nidd AREINZ
Liz Nidd FREINZ