Dunedin Property Report - June 2018 (May data)
This month saw a slight reduction in the median sale price to $387,010 but this is still in line with the general upward trend. It is interesting to note the number of sales for the wider Dunedin area remains at 197, only 8 less than last May. The number of days to sell is up just one to 27.
The number of listings online has dropped significantly. We are back to an acute shortage of available property with most new listings selling very quickly and barely enough coming on the market to replace them.
The shortage of rental properties continues, particularly in the range of $250 to $350 a week. This is continuing to put upward pressure on rental price growth and proving frustrating for those looking for a rental property. It is, however, attracting investors back into the market and we are starting to see an increase in investment enquiry.
The interesting news for both the rental and sales markets this week has been the release of the Gluckman Report from the office of the Prime Minister’s Science Advisory Committee. This report indicated that there is currently no evidence that methamphetamine levels typically resulting from third-hand exposure to smoking residues on household surfaces can elicit an adverse health effect. Therefore, testing is not warranted in most cases unless there is good reason to believe that there has been excessive methamphetamine use or the property has been identified as a former methamphetamine laboratory.
Joe Nidd AREINZ
Liz Nidd FREINZ