November 2019 Newsletter

 

Another month goes by and another record. For the first time Dunedin’s property median has gone past the half million dollar mark and we now have a median at $515,000. Put into context this is an 18.9% increase on the corresponding month last year which was $433,000.

Sale numbers for last month are shown as 183, a considerable drop on October 2018 figure of 229 sales for the region. Again, this is relative to the lower numbers of homes currently available for purchase, though we are seeing a lift in properties coming onto the market with 297 advertised properties and sections showing on realestate.co.nz as of today.

Total sales volume for the region in October sit at $104,874,000, down only slightly on last year’s figure of $112,955,000, this shows that while lower in sales volume there is a definite increase in the dollar value of properties.

The number of days for a property to sell has not altered and sit’s steady at 23.

Christmas is fast approaching and typically over the holiday period there is a slight drop off in activity, having said this we predict given the amount of buyers we continue to see at our open homes that should a vendor be ready to/ or a thinking of selling they should take advantage of our strong market. Give one of our team here at Cutlers a call, we can assist and advise you on how to best present and market your home to achieve a premium selling price.

 

Donald Muldrew

Sales Manager

 

The University recently confirmed the construction of a new hall of residence in order to meet the forecast increase in student enrolments. Once built there will be a net increase of 325 beds which might not sound like a lot but that works out to another sixty five 5 bedroom flats that will need to be built to match this increase. This only bodes well for landlords in the student area who can expect rents to continue to increase for the foreseeable future.

 
Matt Cutler
Managing Director

 

Useful links:

Rental law changes- the good, the bad and the ugly

The Hutt Valley, Dunedin and Invercargill have shown the strongest house price growth in New Zealand over the last 12 months

Housing getting further out of reach for first home buyers as strong price rises cancel out the benefits of falling interest rates,  interest.co.nz’s latest Home Loan Affordability Reports show