All the talk coming out of the initial Covid lockdown was how the property market would survive, looking at Septembers figures we can say the effect has been nothing short of a continuing boom with little impact on the monthly statistics.
The Greater Dunedin monthly sales figure for 2020 was 216, an increase of 5 sales from last September’s figure. The big change however is the record figure for median sale price, recorded at $568,000, a rise of over 17% from the corresponding time last year, $485,000. Median days to sell stays steady in comparison, sitting at 22 days.
The low and attractive borrowing rates would have to be the biggest factor that continues to drive our market upwards. Also, given the Reserve Bank has relaxed the rules around loan/value ratio for deposits, we are seeing many buyers taking advantage of these unprecedented rates and options currently available. Other factors will be the number of ex-pats arriving back in the country and buyers who have disposable income that is typically put towards overseas holidays.
With only 246 properties currently available in our market place, we still see many listings receiving large numbers at our open homes and multiple offers for the vendors to consider.
If you are looking to purchase a home we suggest you register your name and details with our team here at Cutlers. We will keep you updated with all the new properties we have coming to the market.