The median sale price was $410,000 in January. This is a slight drop from previous months but still up significantly from $365,000 this time last year.
The number of sales was 119 which is very low but does include a portion of the Christmas break. As expected, the number of listings has increased steadily over recent weeks, now up to 346, providing some much-needed choice for buyers.
The median number of days to sell was 31 which is higher than recent months but again reflects the Christmas break.
Dunedin’s continued market buoyancy looks set to continue with many market commentators picking sustained price growth for 2019. A recent CoreLogic report highlighted a four-year price increase of 48.8% for Dunedin City with 11.2% in the past year alone.
An interesting piece of data in the report is that first home buyers represented 28% of purchasers in the last quarter of 2018. This is consistent with our experience at the front-line with many buyers taking advantage of KiwiSaver and other government schemes designed to assist with purchasing.
Another interesting observation is continued investor interest in the city with rental yields still significantly more appealing than in many other centres. With so much pressure on the demand side, without a significant increase in supply, we agree with predictions that prices will continue to rise through 2019.
Joe Nidd AREINZ
Liz Nidd FREINZ