Dunedin Property Report - October 2021 (Sept 2021 stats)
Despite being in Level 3 lockdown, for the first week of September, the Dunedin market was surprisingly busy for the month with 172 sales. Given recent trends, this is within the expected range for this time of year had there not been a lockdown.
The median sale price stayed steady with the trend at $642,500. The median number of days on the market was the main indicator of the lockdown with it extending to 37 from the early 20s which we have come to expect in recent times.
The upper end of the market remained strong with almost 10% of sales over $1m and close to 25% of sales at $800,000 or above.
There were 11 section sales for the month with more than half over $350,000. Nidd Realty sold one section for $702,000 in St Clair.
Talk has once again moved to increasing interest rates with the Reserve Bank having raised the Official Cash Rate and further rate increases expected in coming months. The banks have responded accordingly and the common theme seems to be increases across the board. The Reserve Bank has moved to temper predictions of a rapid rate hike by indicating that any rise in the Official Cash Rate will happen more slowly than the last round of reductions.
Anecdotally, there is a lot of property set to come to the market in the coming months. Many people have geared themselves to sell before Christmas and most of these properties will launch between now and the beginning of December, bringing plenty of choice before the Christmas break. Listing numbers on RealEstate.co.nz have stayed fairly steady at 276 but we expect the number of available listings to nudge over 300 by the end of October.
Joe Nidd AREINZ