Dunedin Property Report - May 2023 (April 2023 stats)

The median sale price in April stayed at $570,000, making it three months that Dunedin prices have held at this level. There were 127 house sales which is on-par with April 2022

The median days on the market has remained similar to last month, up just four days to 44.

The number of listings available on Realestate.co.nz has steadily declined in recent weeks, moving from 665 this time last month, to 623 as of writing this report. This indicates that more homes are selling or being withdrawn from the market than being listed.

Sales over $1m pulled back from 18 last month to just 10 in April, with the bulk of the sales between $400,000 and $800,000.

Also of note was the increase in section sales, with seven selling in April, a significant increase from recent months.

First home buyers have remained active but we have also continued to see increasing investor interest.

There is some renewed optimism in the market with recent announcements around proposed loosening of finance rules. These include:

• loosening of loan to value restrictions for both investors and home buyers
• narrowing the expenses considered by lenders to exclude discretionary expenses more explicitly
• providing more flexibility for lenders about how certain repayments may be calculated

Joe Nidd AREINZ
Owner/Principal