Dunedin Property Report - August 2024 (July stats)

July was a surprisingly active month for Dunedin. Although July is traditionally one of the quieter months, there were 179 sales, which was up from 144 in June and 121 in July 2023. The median sale price remained similar to June, with only a slight dip to $575,000.The most telling figure was the increase in the median days to sell, which was up around 25% to 47. This reinforces the anecdotes of Dunedin real estate agents, who are reporting that listings that have been on the market for some time are now selling more readily as vendors reduce their price expectations. The number of properties available for sale on Realestate.co.nz has dropped around 10% over July with 594 properties available for sale as of writing this report. This is a reflection of the number of properties sold or withdrawn from sale, outnumbering the quantity of new listings coming to the market.

The upper-end of the market remains subdued with 96 properties available over $1m and just 9 sales over $1m in July.

The big talking point in the media is the arrival of much needed economic relief in the form of a reduction in the Official Cash Rate. In the first reduction since early 2020, the Reserve Bank announced a 0.25% drop, bringing the rate down to 5.25%. This prompted an immediate response from the major banks with reductions in borrowing rates, especially on longer terms rates, indicating a strong sentiment that rates will continue to drop in the coming months.

Joe Nidd AREINZ
Owner/Principal