Dunedin Property Report – June 2020 (May 2020 data)
As things begin to normalise since coming out of lockdown, it is pleasing to see there were 136 sales, up from the 22 sales in April (due to lockdown). The median number of days on the market has stretched out to 48. This is to be expected as it reflects those properties sold which were listed prior to lockdown.
The median sale price in May lowered to $500,000 but we are not taking too much from this with the number of sales in May still low as a result of the halt in activity. It is likely that we will have a clearer picture of any change in the price trend once we have at least one more month of data.
There are currently 346 listings on realestate.co.nz which offers a greater choice for buyers than earlier in the year, although they are selling as quickly as they are coming to the market. Buyer enquiry is still strong with good numbers at most open homes and buyers being very pro-active in getting themselves approved for finance to enable them to make a move on the right property.
Despite many predictions of a market correction due to COVID-19’s impact, at this point we are seeing resilience from the Dunedin market. The record low interest rates, removal of LVRs along with large building projects in the city mean there is still much positivity and confidence from both buyers and sellers.
Joe Nidd AREINZ
Liz Nidd FREINZ