The Edinburgh Realty eNewsletter

Dunedin city median price up 6%

Dunedin city’s median price for August 2017 was $345,500 – 6% up on August 2016, when it was $325,000. Sale volumes were back 7%, with 174 and 187 sales in August 2017 compared to August 2016.

Central Otago

Central’s median price for August 2017 was up 25% on 12 months earlier, sitting at $470,000. This was based on 30 sales this August, compared to 26 during August 2016.

Nationwide

Not a single region in the country experienced an increase in the number of properties sold during August 2017, when compared to August last year. Real Estate Institute of New Zealand (REINZ) data shows that, overall, the number of properties sold across the country fell by 20% during August, compared to August 2016.

REINZ Chief Executive Bindi Norwell says the drop in volume translates to 47 fewer properties being sold each day in August 2017, compared to August 2016. “That’s a big drop. Banks’ lending criteria and LVRs are still impacting first home buyers and investors.

“If you looked at the number of properties sold, without looking at the bigger picture, one might assume that the market was showing significant signs of slowing. However, as prices are holding up, and even increasing, then it suggests that people may be holding off from selling their property unless it’s absolutely necessary.”