Dunedin Property Report - May 2022 (April 2022 stats)
April was a predictably quiet month with the major factors that are already impacting the market being compounded by both national holidays and school holidays. As a result, the number of sales dipped to just 118 for the month.
The other statistic reflecting the current situation is the median days on the market at 38. It is important to note that this is the median number of days to sell recorded against those properties that sold. A quick browse of Realestate.co.nz and anecdotes from local agents confirms that there are now many listings that have been on the market for three months or more.
This reflects that buyers are taking longer to make decisions with the increased number of properties available and that properties priced beyond the market are often not receiving offers while buyers wait for price adjustments or buy elsewhere.
The good news is that well priced properties are still often receiving multiple offers and, while most offers are now conditional, plenty of properties are selling and some good results are being achieved. The key factors are pricing, presentation and promotion and when combined with a skilled agent, people can take comfort that the result should come.
The median sale price remained stable at $640,000 confirming that the market has been through its peak and that a sustained plateau in prices is likely.
The number of properties for sale has stayed in the early 600's which acts as a broad indicator that the number of properties being listed is matching the number of sales being made.
There were five section sales for the month in the wider Dunedin area with the new build market adjusting to the increase in building prices and availability of materials.
Source: Nidd Realty