Dunedin Property Report – July 2020 (June 2020 data)
It is very pleasing to see the number of sales this month at 194 which is three better than last June and 45 better than the same month in 2018. The median number of days on the market is only 29, heading back in the direction of pre-lockdown levels.
The median sale price is showing signs of a return to the pre-COVID trend at $510,000. This is up year-on-year by 18.6%.
The listing numbers available have taken a significant drop from 346 listings on realestate.co.nz in May to 268 today. Once again we are facing an imbalance between listing numbers and buyers with more properties being purchased than listed each week. This leads to the above drop in inventory and increased competition continuing to place upward pressure on prices.
Now that these statistics represent a time period not largely affected by the lockdown, we can see that Dunedin appears to have reverted to a market very similar to that at the beginning of the year. The market is being even further stimulated by investors showing a renewed interest in recent weeks.
If you have been contemplating selling, it is a great time to come to market with so few houses available and prior to the influx of listings which can take place as we head into Spring.
Joe Nidd AREINZ
Liz Nidd FREINZ