Dunedin Property Report - Mar 2021 (Feb 2021 stats)
In February we saw numbers improve to where we would expect to see them for this time of year at 200, down just 10 sales on the same time last year. There is a continuation to the relentless increase in median price with a 20.6% year-on-year gain at $621,000. Median days on the market is 23 so we have returned to the fast pace that we were seeing for much of 2020.
It has been good to see listing numbers increase again to 295 on realestate.co.nz which is allowing more choice for buyers.
The competition in the market among first home buyers is still strong. Investors are working hard to secure properties before the full LVR’s are implemented, but many are finding stringent lending policies in place with the banks well before the Reserve Bank’s rules come into play. As a result, some investors have been unable to progress with purchases they had intended to.
The public are becoming increasingly aware of the implications of Variation 2 of the Second Generation Plan. There is a strong interest in the changes to the proposed Residential 1 rules allowing for subdivision down to a site size of 400m2 along with duplex potential. Vast areas are proposed for rezoning to General Residential 2 providing medium density building options. We strongly recommend visiting the Variation 2 2GP website to see how your property may be impacted as most properties in Dunedin will face rule changes under the proposed plan change.
Joe Nidd AREINZ
Liz Nidd FREINZ