Dunedin Market Report - December 2015 (November Data)
Although the statistics do not show a significant month on month or year on year increase in the volume of sales, there is a huge amount of buyer activity and if more new stock became available we would likely see a significant increase in turnover. There has been several situations where there have been as many as six or more offers taken on one property. Obviously this increases the workload considerably as every one of those buyers needs to be given all the right time and advice along the way.
There were 253 sales in November which compared to 239 last month and 252 for November last year.
The median number of days on the market was just 23. The median sale price was $305,000 compared with $270,000 last November - a welcome 12%+ increase and another record for Dunedin City. The total value of sales was $82.4 million compared with $76.2 million a year ago.
There were 17 section sales for the month.
The most notable feature of the selling price distribution this month is the proportion of sales between $200,000 and $300,000.
Listing numbers (realestate.co.nz) are sitting at 704 compared with 952 this time last year. Trademe.co.nz is only showing 420 listings currently. It is fascinating to note that there have been around 750 new listings to the market over the past two months yet the inventory level has not changed significantly.
With the Official Cash Rate falling and the subsequent likely drop in interest rates it is hard to see why this market will not continue.