Dunedin Property Report - March 2022 (Feb 2022 stats)

The number of properties for sale in Dunedin continued to rise in February, with 649 available at the time of writing.

Only 156 properties were sold in February which was about 50 fewer than expected. We believe this is, in part, due to many properties being under contract conditionally and due to confirm in the coming weeks, which will spill these sales into the coming months’ stats.

The median sale price increased to $685,000 which could be seen as an increase of the sale price across the board, but it is quite likely a result of fewer sales taking place in the lower end due to factors such as the stricter lending requirements, which can have the effect of pushing the median higher.

There were only four section sales in February but we expect this to increase in coming months with 60 sections currently for sale, including some listings containing multiple section developments. The Dunedin City Council published some very interesting findings earlier this month from their Research and Monitoring. The key facts were:

- 2021 had the most new homes consented (548) since the current records began in 1991. There was an increase of 33% from 2020. Of these, 393 have been completed so far (based on developments granted a code compliance certificate)

- 159 new townhouses/units were consented in 2021, also the highest since records began in 1991

- 42% of new homes in 2021 were units or apartments, compared to an average of 21% over 2016-20

This is hopefully an indicator that some of the planning changes are beginning to have an impact on the supply of property in the city.

Joe Nidd AREINZ
Owner/Principal