Dunedin Property Report – Jan 2020 (Dec 2019 data)
Sales for December were just 164, well down from 201 in December 2018. This reflects, in part, the very low number of properties that came to the market. We recorded fewer than 130 new properties to the market for the month which was the lowest since we have been keeping records and not enough to replace what was sold.
There are currently only 190 houses listed on realestate.co.nz for Dunedin which is slim pickings coming into the New Year. We expect to see this improve as people return from their holidays having made a decision to sell.
There is continuing interest nationally in what is happening within the Dunedin market, especially with our median price outstripping Christchurch. This is largely a supply and demand issue and we really need to see some urgent action in subdivision and building to address it. Some suggestions include making it easier for developers and builders to get through the council processes, opening up more land for subdivision and increases in inner-city residential density. Until that happens, we will likely see continuing pressure on buyers and the continued upward trajectory of prices.
Hopefully the revision of the Second Generation Plan which is currently underway will address these issues and, in turn, the likely growing pains Dunedin will feel as it expands will be minimised, particularly in terms of affordability
Joe Nidd AREINZ
Liz Nidd FREINZ