The Edinburgh Realty eNewsletter

Dunedin city’s median price up 12%

The latest Real Estate Institute of New Zealand (REINZ) data shows Dunedin city’s median price for October 2017 was $380,000 – up 12% on a year earlier, when it was $340,000. Sale volumes were down 31 transactions, from 211 in October 2016, to 180 this October.

Commentators expect a flurry of activity before Christmas, with many buyers in a cash-ready situation.

Central Otago

October’s median price in Central was $471,000 – up 18% compared to the October 2016 median of $400,000. While 54 properties changed hands in the region in October 2016, only 32 traded in October this year – a drop of 41%.

National overview

Prices rose in 14 of New Zealand’s 16 regions for the year to October, resulting in the median house price for New Zealand (excluding Auckland) reaching a record price of $440,000. Contributing to the increase were record prices in four regions, including Otago, which was up 14% to $412,000.

Nationally, the median price rose by 4% year on year to $530,000. However, median prices in Auckland fell by 3.2% year on year to $850,000 – the biggest fall since December 2010. Nelson was the other region to experience a fall in median prices.