August 2019 has seen one of the lower recorded sales totals for the past few years with just 153 sales. To put this into context with the same month last year, Dunedin City stats showed 186 sales for the month. On the plus side, the median sales figure has stayed strong at $460,000, up $49,000 on the corresponding time from last year ($411,000). The median days to sell currently sit at 21, in comparison to 25 days last year.
The difference in the median sale price from 3 years ago (August 2016) has seen a big rise of just over 40% from a then figure of $325,000. This shows the strength in our region’s market and we see little to change this in the near future. Given the positive outlook for the Otago region with the Hospital rebuild and ACC establishing a new centre in Dunedin; it looks like we have plenty to encourage people to the region. But to continue our upward trend, housing will still need to be at the forefront for new arrivals and locals alike.
Looking at realestate.co.nz, as of today there are 262 properties listed for sale and out of this, there are 42 sections available. We remain busy at most of our open homes and many of the buyers are telling us that they are often in multiple offer situations. Here at Cutlers we are always available to discuss real estate, and we look forward to helping in the near future.
Overall student flats have been signed much faster this year with the higher quality, more expensive flats being the most sought after. In previous years we may have been contacting a few landlords at this time to discuss various ways to ensure their property gets rented. Some have decided to make some improvements as a long term solution while others have been happy to put a band-aid on it and drop the rent just to secure income for the following year. These conversations haven’t been needed this year, and with only a handful of properties left to sign, we’re expecting all flats currently under management to be signed for 2020 for the full 52 weeks.