Dunedin's Property Landscape: A November Update
As we transition into the final months of the year, Dunedin's real estate market continues to exhibit ongoing activity, with first-home buyers leading the charge. Let’s take a look at the latest trends and insights from the housing market, based on the REINZ October statistics.
In October, first-home buyers maintained their position as the most active buyer group in Dunedin. The city's housing market has remained relatively accessible for those entering the property ladder, contributing to a robust and diverse buyer demographic. While interest rates are high, for those that can afford to borrow, now is a good time to do so, with predictions that the interest rates will begin to fall and housing prices will continue to rise throughout 2024.
Vendors in Dunedin have adjusted their price expectations slightly upward compared to previous months, signalling confidence in the market. Open homes and auction rooms have witnessed strong attendance levels, underscoring the demand for residential properties in the area.
Several factors continue to shape the current real estate landscape in Dunedin. These include the aftermath of the recent election, the current cost of living, fluctuating interest rates, and the change in seasons are all playing significant roles. Local agents report that the market is performing well post-election, with predictions of increased activity and a surge in listings anticipated throughout summer.
In October, the average time a Dunedin house spent on the market was 31 days, which was a decrease of 14 days compared to the same period last year. While this is still a decent length of time for a property to sit on the market compared to past years, the drop in time to sell shows that the market is beginning to move a little faster.
The average house price in Dunedin for October was $595,000, a slight increase from September's $580,000. In comparison to October 2022, the market has shown a marginal decrease from $632,000.
October saw a total of 162 properties sold in Dunedin, a notable increase from September's 139 and a slight uptick from the 157 sold in October 2022. The rising sales volume is a positive indicator of the market's vitality and the ongoing demand for housing in the region.
Considering the broader Otago region, including the Queenstown-Lakes region, the average house price in October was $670,000. This represents a modest increase from September's $660,000 and a slight decrease from October 2022's $680,000.
As we approach the festive season, Dunedin's real estate market remains promising. Whether you're a first-home buyer, a seller adjusting to market dynamics, or an investor exploring opportunities, the team at Loan Market Dunedin are well aware of what’s happening in the local market, and are here to guide you through the ever changing landscape.