Dunedin Property Report - November 2018 (October data)
The median sale price was $430,000 for October, another record for Dunedin City, up from the previous high of $414,000 in July.
The number of sales was 176, down from 185 in September and 189 in October 2017. With approximately 269 new listings brought to market during the month, the difference between these two figures explains the healthy increase to 349 listings available for purchase after the low of 270 in August.
The median number of days to sell was only 25, showing how quickly the stock is turning over.
The much publicised all-time low interest rates of 3.95% being offered by the big banks will have some bearing on what happens over the next few months. Buyer demand remains high and although some investors are selling due to increased regulatory burden, owner occupiers are taking up any slack left by their exit.
There has been much media coverage of the recent release of the Second Generation Plan. With a short objection period, much of the plan will become operable in December with some significant changes to both development potential of some land and rules around existing properties. If you’re interested in how these changes will affect you, the plan and maps are available at http://2gp.dunedin.govt.nz/.
Joe Nidd AREINZ
Liz Nidd FREINZ