Dunedin Property Report - October 2024 (September stats)

September was a strong month in the Dunedin market with 172 sales. This is a significant increase from 140 in September 2023 and a good indication of the overall recovery that the Dunedin property market is experiencing.

The median sale price increased to $605,000 from $570,000 in August and was also up from $580,000 in September 2023. The median days to sell decreased by more than 12% from August at 47 days. 

The number of properties available for sale on Realestate.co.nz has increased by 27 from September with 678 for sale as of writing this report. We would typically expect a greater increase in available stock at the beginning of spring but the higher than expected number of sales meant that many of the new listings have only replaced properties that were sold. The number of properties above $1 million for sale has continued to increase with 113 available on Realestate.co.nz. There were 18 sales in this price band in September which is a significant improvement on the 10 sales over $1 million in August.

Last week, we saw banks quickly dropping interest rates after the Reserve Bank cut the Official Cash Rate by 50 basis points to 4.75%. With interest rates back in the 5.5% to 6% range for two and three year terms, many mortgage holders are feeling some welcome relief and new buyers and investors are entering the market with improved borrowing capacity.

Joe Nidd AREINZ
Owner/Principal