Dunedin Property Report - November 2023 (Oct 2023 stats)

We have seen a substantial drop in the number of days to sell, with a median sale time in October of just 31 days. This is more than a 50% reduction from 63 days in March 2023.

The median price held steady at $595,000.

There were 162 sales in October, an increase of around 23% from September. We expect this activity to continue increasing for the following reasons:

• The number of available listings continues to increase (534 up from 449), overcoming the difficulties many people were having finding a home before committing to selling.
• The broadly held opinion that the market has turned a corner with modest growth being observed.
• Investors are returning to the market with renewed confidence following the change of government.

Open home numbers continue to strengthen with well priced properties attracting strong interest and in many cases, multiple offers. There is a notable increase in the number of unconditional buyers returning to the market as competition increases.

The upper end of the market also continued to strengthen with 19 sales over $1m up from 11 last month and 49 sales at or above $750,000.

Section sales remained active, with five sold in October and buyer interest continuing to pick up as building companies compete to secure building contracts.

Joe Nidd AREINZ
Owner/Principal