Dunedin Property Report - February 2024 (Jan stats)

The median price in January was $575,000, up significantly from $515,000 in January 2023.

The median number of days on the market was 53 which is seven days fewer than last January, reflecting the period of inactivity over the holiday period.

The number of residential sales was just 84, up on the 70 sold in January 2023 but characteristically low, again due to the gap in activity over the break.

The most significant metric this month is the increase in stock from 491 homes available for sale this time last month to 568 as of writing this report. This increase in available stock is a welcome relief to buyers who are starting to feel real competition in the market again as people attempt to buy in anticipation of potential rising prices.

We continue to see the upper end of the market performing well with almost one third of sales over $750,000 and more sales over $750,000 than there were under $500,000.

The Dunedin draft Future Development Strategy continues to capture attention as the city establishes how and where Dunedin will grow over the next 30 years. It aims to provide more housing and industrial land, and a more sustainable future. The strategy is based on the collaboration of the city and regional councils, and the feedback of the community. The strategy anticipates approximately a 10 percent increase in population over 30 years, and a need for more than 6500 new homes by 2054. 540 of those homes are needed per year over the next three years. More information can be found at: Future Development Strategy

Joe Nidd AREINZ
Owner/Principal