Dunedin Property Report – September 2020 (August 2020 data)
While the median sale price increased to $519,000 from $515,000 last month, there were only 141 sales, down from 187 in July. It is difficult to establish why the sales numbers have declined as far as they have but the winter months were certainly busier than previous years, possibly clearing some of the pent-up demand. The median number of days on the market was just 27.
A significant factor influencing the market is the difficulty that many are having obtaining finance. Buyers are often being asked for evidence of job security and banks are imposing other strict criteria setting the bar very high for potential borrowers. This is pushing finance conditions out well beyond typical timeframes making vendors reluctant to work with buyers who don’t have a strong commitment from their bank.
Today on realestate.co.nz there are 257 properties for sale. We expect the usual influx of stock now that we are in spring but it is hard to predict trends this year with such unusual circumstances influencing the market.
As the country enters election mode, we are starting to see property and property investment policies announced. National’s potential repeal of some of the Healthy Homes legislation is a point to note but with so many properties already compliant or working towards full compliance, we don’t believe this will have a significant impact on progress being made.
Joe Nidd AREINZ
Liz Nidd FREINZ