It’s hard to believe but Dunedin has broken through the half a million dollar median to $515,000. This has been driven by price growth across all areas of the city. Considering that in October 2017 the median was just $374,000 it can be seen how far the market has moved.
Sales fell by 20.1% annually but the number of days to sell didn’t change at 23. New listings have been steady, but current stock is still low. Vendors are achieving great prices for their homes but due to the lack of homes for sale, for many, it is challenging to find a home. The market will continue to be short on listings during the holiday period, but we expect it to pick up in the New Year.
We expect to be very busy over the coming month as properties come to market and vendors are keen to sell before Christmas. In the past, things quietened down around the start of the second week of December, but in recent years our team has been taking offers right up to and including Christmas Eve!
Today there are 274 listings on Realestate.co.nz, which is an increase over some recent months and will offer welcome choice for buyers.
We are seeing a tightening by the banks in criteria for finance. There is less money being deposited by savers which has affected the bank’s ability to lend.
Joe Nidd AREINZ
Liz Nidd FREINZ