Dunedin Property Report - December 2022 (Nov 2022 stats)

The median sale price in November held at $600,000. This may give the impression that prices are holding steady. Anecdotally however, there is ongoing downward pressure on prices. There are still buyers offering, and in some cases, multiple offers being received on properties. But it is the sharply priced properties attracting this interest with those priced optimistically often sitting for months on the market.

The median number of days to sell has dropped back to 38 from 46 last month, again reinforcing that well-priced properties are selling.

The number of sales for the month was relatively low at 166, well down on November 2021 at 232.

The number of listings available on Realestate.co.nz lifted further to 663, providing plenty of choice for buyers.

QV published some interesting statistics this week observing that prices had declined by 1.3% in the past quarter. Also highlighted was the fact that prices had declined in Dunedin by 11.5% in the past 11 months. When the QV figure of the 19.6% price increase in 2021 is taken into account, many properties are still well ahead of where their price was at the start of 2021.

The key factors to watch in the new year will be how interest rates track as the Reserve Bank continues to respond to inflation and how market sentiment reacts in early 2023 with a likely injection of new stock and the expectation of increased activity typical in January and February.

The Nidd Realty team would like to wish everyone a safe and enjoyable holiday. We’re looking forward to the New Year and excited to be launching the Nidd Realty Community Fund in 2023!

Joe Nidd AREINZ
Owner/Principal