Dunedin Property Report - August 2021 (July 2021 stats)
August has seen a significant increase in the median sale price from $610,000 to $650,000. There were only 129 sales for the month which is low for this time of year, especially when compared with 2020’s post-lockdown increase in sale numbers. It is worth noting that there were also 9 lifestyle block sales and 16 section sales in addition to the residential sales reported here.
The median number of days to sell decreased to 25, down from 29 in June, demonstrating the continuing shortage of property coming to market and the strong demand from buyers for the few properties that are being listed.
The number of listings available stayed fairly consistent at 271 indicating that approximately the same number of properties were listed and sold during the month.
We have again seen very good numbers of sections selling as mentioned earlier, with these sales representing more than 10% of the total sales for the month. This is a great indicator that the land re-zoning and work from developers is beginning to free up more much-needed land for those looking to build.
Anecdotally we are encountering more people looking to build who had previously not considered it as, with house prices continuing their upward climb, building has become better value for money in many cases. This, despite the strong upward pressure on material prices due to supply chain issues pushing up build prices.
We are aware of many properties being prepared for their launch in coming weeks and we expect this to stimulate the local market after what has been a somewhat subdued period in recent months due to the impact of government regulation compounding the usual seasonal variation we see in winter.
Joe Nidd AREINZ