Median prices in Dunedin continue to increase annually and September produced a record median of $485,000, increasing by 21.3% from September 2018. Traditionally, we see more activity in spring and that has been the case this year with plenty of new property coming to the market in the past month. Dunedin City is continuing to perform very strongly relative to the other main centres driven, in part, by internal migration.
Today there are 235 listings on Realestate.co.nz which reflects that, although there is an increase in listings, there is a corresponding increase in the number of sales. With school holidays finishing we expect the next two weeks to be busy with new properties hitting the market.
There were 205 sales in the past month compared with 165 in September 2018 which is a significant increase.
The median number of days to sell is 22 showing little of the slowdown being experienced in other parts of the country.
Much was made of the hefty OCR cut in August and whether this would significantly affect the property market. Despite banks offering attractive rates, anecdotally, investors are still finding it hard to access finance. As a result, we have seen some increase in investor activity but not as much as some had predicted.
Joe Nidd AREINZ
Liz Nidd FREINZ