Dunedin Property Report - July 2024 (June stats)

Despite the ongoing nationwide reporting of property woes elsewhere in the country, Dunedin is maintaining the steady trend seen for many months now, with the median sale price holding at $579,000.

There were only 129 sales in June, but interestingly, these sales took a median of just 36 days to sell. This is in keeping with what we are seeing across the Dunedin market, with well priced, widely appealing properties attracting strong interest and those priced above market or with a smaller buyer pool, often taking significantly longer to sell.

The number of properties available for sale on Realestate.co.nz has remained very steady at 665 as of writing this report. This indicates a balance between new listings and the number of properties sold or withdrawn over the past month.

The upper-end of the market remained somewhat subdued with 9 sales over $1m and 24 sales over $750,000.

With the Official Cash Rate remaining unchanged for the eighth consecutive meeting of the Reserve Bank, many commentators are picking that interest rate cuts may be closer than previously thought. Although we don’t expect this to boost house prices significantly, we do expect turnover to increase as people’s fear of increasing interest rates subsides and making the move onto, or up the property ladder becomes a more appealing proposition for many.

Joe Nidd AREINZ
Owner/Principal