Dunedin Property Report – February 2020 (Jan 2020 data)
Sales for January were remarkably low at just 92, well down on the 128 last January. This reflects, in part, the very low number of properties that came to the market in December and early January.
There are currently 238 houses listed on realestate.co.nz which is an improvement on recent months and anecdotally there is a considerable amount of new property set to come to the market in coming weeks.
The median sale price for the month has reached $550,000 but we will wait to see if this holds up when we get back to normal sales volumes.
The supply and demand issue is ongoing. Some good news is that the Dunedin City Council have found resolution on one of the main objections holding up the Second Generation Plan which will hopefully result in more land coming available for subdivision. This may also move things forward on the revision of the Second Generation Plan which further seeks to identify and re-zone land for development in and around the city.
This week again saw the Official Cash Rate held as-is. It is the fourth time this has been reviewed and not changed since the surprise .5% drop in August 2019. Banks are remaining extremely competitive with one year fixed interest rates around 3.5% not unusual.
Joe Nidd AREINZ
Liz Nidd FREINZ