Dunedin Property Report - September 2024 (August stats)

August was a steady month in the Dunedin market with 160 sales, similar to August last year at 169. The median sale price held close to the trend at $570,000.

The median days to sell increase by 7 days to 54. While this number may seem higher than usual, there are still plenty of properties selling in a shorter timeframe with 46 of the 160 sales (over 28%) taking place within 30 days of being listed

The number of properties available for sale on Realestate.co.nz has increased again with 651 properties for sale as of writing this report. This is close to a 10% increase in available stock over the month, contrasting the 10% drop in available stock the previous month. There were 10 sales over $1 million dollars in August, which is around one in ten of the 105 properties available over $1 million as of writing this report. The average (mean) selling time for these properties was 148 days.

Buyers continue to show more optimism with stronger interest in many properties than there has been over the past two years. Feedback from buyers is that the lower interest rates, along with slightly more competition between banks to obtain clients, is making it easier to obtain finance. Others who have been waiting for the “bottom” of the market are seeing this as a strategically good time to buy. Included in this group are some investors who are also picking this as an opportunity to grow their portfolio.

Joe Nidd AREINZ
Owner/Principal