Welcome to 2021, the year of opportunities! All the records set at the end of last year in the real estate market look like they will continue this year.
The December stats are now in, and the greater Dunedin median is sitting at $585,000, an 18.8% rise on the corresponding month in 2019. A reflection on our very busy marketplace where supply is stripped out by the demand.
232 sales were recorded for December 2020, this is a lift of 39 from December 2019. Due to the busyness of the market, it was typical to see properties attracting many attendees at open homes and multiple offers being received on various properties.
The median days to sell sit at 21 a slight change from 22, this is a real reflection of how quick a buyer needs to act, showing that buyers need to get themselves in a very favourable position to be able to purchase.
Currently, there are just 176 properties and sections available on realestate.co.nz, however, this number is expected to rise as we get further into 2021.
Historically the months of February and March have proven that more sellers come onto the market, hopefully, this trend continues. With interest rates now being offered at 2.29% from some of the larger banks, buyers will get on board and plenty of activity will be to the fore.
Prices up 96% in Central Otago
New Zealand’s favourite travel playground is also home to some of the country’s most sought-after real estate, with prices increasing across the board in the Central Otago/Lakes district.
Central Otago led the charge, ending the decade in the top five districts for asking price growth in New Zealand. Central Otago hit $795,287 in 2020 – a 96% increase on 10 years earlier.
Asking prices were slightly slower to rise in Queenstown and Wanaka, with those districts increasing by 83% and 76% respectively.
10 years’ worth of data shows that, in the long term, the value of property in New Zealand increases steadily in nearly every region. This suggests that property is still a sound investment for Kiwis.