Dunedin Property Report - August 2018 (July data)
The median sale price was $400,000 for July, a record for Dunedin City and up from $380,000 in June.
The number of sales was 135, down from 142 in June and 137 in July 2017. The median number of days to sell was only 27 reinforcing how much demand there is for the few properties that are coming to the market.
Stock levels have reached another all-time low of 273 with only two months’ supply of properties available at the current rate of sales. We expect this to bottom out soon with the traditional rush of property to the market leading into spring.
We are seeing some interesting trends in both vendor and buyer behaviour as the market evolves. More than ever, vendors are dressing homes for marketing. We very rarely take a vacant property to market now without it being professionally staged.
We are also seeing many more buyers carrying out due diligence prior to offering. With such fierce buyer competition, it is often unconditional buyers who are winning at deadline, sometimes without even being the highest offer.
With the anti-money laundering regulations recently coming into force, if you are looking to purchase, be aware of the need to contact your lawyer early in the process as they will need to establish your proof of identity to comply. This can take some time even if you are an established client.
Joe Nidd AREINZ
Liz Nidd FREINZ