The median sale price was $439,000 in March. This is an increase of more than $19,000 from last month and a substantial increase of 16.7% from this time last year. The number of sales was 207, which is down significantly on March 2018. The number of listings has continued to increase over recent weeks, now up to 375.
The median number of days to sell was 22. This shows the continued momentum and demand in the Dunedin market when compared to much of the country. It will be interesting to see how this is affected over coming months with buyers having more properties to choose from.
We are seeing some changes in buyer activity as more listings become available. Open home numbers are lower than expected in some cases, often as a result of people having a lot of new to market properties to view over the weekend.
Multiple offers are still occurring on many listings, especially those where vendors will not consider offers prior to the deadline closing. More of the offers we are taking are subject to finance than at this time last year, possibly as a result of the increasing prices putting more pressure on buyers’ budgets and borrowing potential.
The Mayor’s Housing Taskforce is about to report back to Council with recommendations as to how Dunedin’s housing crisis can be addressed as the demand for housing across the spectrum is predicted to increase significantly over the next five to ten years.
Joe Nidd AREINZ
Liz Nidd FREINZ