Dunedin Property Report – August 2020 (July 2020 data)
Sale numbers continue to outperform those of last year with 187 sales this month compared to 155 in July 2019. The median number of days on the market is sitting at 28 which is showing a downward trend as listings on the market reduce once again.
The median sale price is continuing to creep up and is now $515,000. This is up year-on-year by 10.8%. Prices are likely to continue to experience upward pressure unless significantly more listings come to market. Simple supply and demand underlie all other influencing factors.
Listing numbers continue to drop with just 249 today on realestate.co.nz. We are often seeing more houses selling than being listed week-to-week, further reducing the stock of properties available for sale.
With the uncertainty we now face under newly imposed COVID-19 restrictions and the unknowns of what may be ahead in terms of our national response, it will just be “wait and see” once again as we navigate the rapidly changing situation. The good news is that the Dunedin market coped very well with the previous disruption.
In the meantime it will be business as usual while taking into account social distancing, tracking and the recommended wearing of masks in any group situations.
It is still a good time to sell prior to the influx of Spring listings while we have many buyers waiting to purchase a home.
Joe Nidd AREINZ
Liz Nidd FREINZ