Dunedin Property Report – April 2020 (March 2020 data)
This month’s report is a little different to usual, being written from my home office. The sales team are at home under lockdown and doing all they can while not being able to physically do much of the day to day work they would typically be carrying out. The March stats we are commenting on here only reflect a very small portion of the lockdown period.
There were 187 sales, compared with 202 in February and 221 in March 2019. Days on the market has remained low at 21. We expect this to extend significantly with many sales now counting the lockdown period in days to sell.
Once the lockdown has ended, we expect a significant number of listings to come to the market. Many were set to launch prior but had their launch cancelled upon lockdown. There are also properties to be sold as a result of the situation such as AirBnB properties and others where owners have faced changes requiring them to sell. Some of the AirBnB properties have entered the long-term rental market, likely taking pressure off what has been an extremely tight market for some time.
Buyer enquiry has been surprisingly high during the lockdown with a number of our listings going under contract and many buyers ready to buy as soon as new listings become available. This would suggest the Dunedin market should remain resilient despite the effects of the current situation. Only time will tell.
Joe Nidd AREINZ
Liz Nidd FREINZ