With Level 1 restrictions now opening up the country to more business and social activities, we are starting to see everyone getting back into some type of normal lifestyle.
The latest statistics are now out for the greater Dunedin region and they show some of the pain that we all had to endure during the difficult lockdown period. But they also tend to show that we are possibly in a better position than some other regions throughout New Zealand.
It is pleasing that for May 2020 we saw 136 sales compare this with April’s stats which were only 22 sales (lockdown period).
As expected, our median days to sell have jumped to 48 days, this certainly takes into account that some of these properties may have been put on the market prior to lockdown and remained on the market over that period.
Due to the slower activity over the past 2 months, the median sale price of $500,000 is at a surprisingly high figure. Compare this to May 2019 which was at $440,000. It may take a couple more months of reporting to get a better indication of where our market is at.
As of today, there are 337 homes/sections available on realestate.co.nz, this gives promise that buyers have some choice. Given the current activity we are seeing at our open homes and the multi offers that are being presented, a buyer is still required to act reasonably quickly to get in a competitive position to purchase. Record low-interest rates are certainly helping buyers with their decisions around buying, and these rates look to be staying for some time giving buyers confidence moving forward.