The Real Estate Institute of New Zealand has just released March statistics for Dunedin City that indicate a medium selling price of $280,000 which remains virtually unchanged from the prior month of February.
There was a total of 208 sales for the month once again virtually the same as February. A total of 6 sections sold with the medium selling price of $147,000 up slightly from the $135,000 for February also.
There is anecdotal evidence that more people are moving into the city which is helping to boost sales volumes and the medium selling price.
The investment market also seems to be reasonably firm with a steady volume of North Dunedin investment property averaging between 7-8% gross yields and in the suburbs blocks of flats tend to sell between the 8-10% gross yield range depending on condition.
Looking into the future we would suggest a ‘steady as she goes’ market characterised by a medium price of $260,000 to $280,000 and volumes of 160-200 sales per month.