Market statistics for July show a sharp decline in the number of property sales, with only 129 sales recorded for the month a big fall from the July’s 2020 figure of 201 sales. The governments/Reserve Banks decisions over the past few months possibly are starting to contribute to the lower number of sales, especially with the investors seeking new options as to where they now invest.

Even given the low volume of sales, the median sale price has jumped to $650,000 a new record for the Dunedin City area that encompassed by these Stats. This figure is a 26.3% difference from the corresponding time of last year where the median sat at $514,500.

Median days to sell sit at 25 this is compared to 28 from last year, with a low supply/stock numbers of homes currently available there is still pressure on buyers with many competing for the same properties. We encourage buyers to get their finances approved prior to looking or at least have a pre-approval with their bank or broker. With a limited supply of homes, the market remains busy even given the restrictions being put in place currently.

As a buyer do get in touch with your preferred Salesperson here at Cutlers, let them know what your requirements are so they can start looking for your perfect home.

For further statistics check out the New Zealand Property Report from realestate.co.nz.