Dunedin Property Report - March 2023 (February 2023 stats)

The median sale price in February was $560,000. This is a continuation of recent price trends and a better indicator than last month with a more representative sample size of 115 sales, up from 69 in January.

The median number of days to sell was 63 which is still likely high as a result of property selling that was marketed through the Christmas break. March and April stats should provide a more accurate representation of this figure for property listed in 2023.

The number of listings available on Realestate.co.nz is 689 as of writing this report. This is a slight increase from this time last month, indicating that more properties were listed for sale than were sold or withdrawn in February.

An interesting observation is that 23 of the sales in February were over $1 million. This upper-end market was very quiet in late 2022 and January so the increase in activity has been a real boost to this sector of the market where a lot of property has been sitting unsold for some time.

First home buyers are still very active in the market with interest also returning to properties requiring renovation work. These properties have not attracted strong interest in recent years, with banks reluctant to lend where money needed to be spent soon after purchasing. It seems, however, that banks are becoming more accommodating to those considering renovation projects and these properties are providing a gateway for people trying to gain a foothold in the market. 

This, along with a good selection of property available means Dunedin is regaining its reputation as an appealing city for job-seekers looking to find more affordable property than elsewhere in the country.

Joe Nidd AREINZ
Owner/Principal