Dunedin Property Report - June 2024 (May stats)

The median sale price for Dunedin in May was $570,000. This is lower than April but in line with the medium-term trend as illustrated in the graph below.

The median number of days on the market for properties sold in May was 44 which is up from recent months, but still a little lower than May 2023.

The number of properties currently listed on RealEstate.co.nz has continued to drop off slowly with 671 properties available in Dunedin as of writing this report.

There were 166 sales for the month, similar to recent months and to this time last year. The upper-end of the market saw a marked decrease in activity with only 19 sales over $1m and less than 20% of properties selling for more than $750,000 down from around 35% last month.

The shift in Dunedin’s housing stock due to planning changes and a boom in townhouse construction is now noticeable in the stats with more than 10% of sales being attributed to townhouses or apartments in May.

With much attention on pricing pull-backs in the larger centres, Dunedin has continued to buck the trend by holding steady. First home buyers are continuing to be represented well in the market and out of town investors are looking to Dunedin as an affordable, lower risk option.

Joe Nidd AREINZ
Owner/Principal