QV’s Residential Price Index for Dunedin

QV’s Residential Price Index for Dunedin

QV’s Residential Price Index for October shows that property values in Dunedin are 2.4% lower than the same time last year. Values continue to be volatile in a narrow band.

Mr. Tim Gibson of QV Valuations said; “The Dunedin real estate market is starting to gain some spring traction. There has been a noticeable increase in activity within the market, whether that be sales or refinancing for alterations.”

“Value levels have started to show a slow increase over the past three months reflecting the increase in confidence. A major factor is the reported shortage of listings within the market often causing two or more parties having to negotiate more aggressively for a property than was evident earlier in the year” Mr. Gibson said.

Mr. Gibson said “The true test of the market will come if the volume of new listings entering the market increases to a more traditional level.”

“Current value levels are now 6.8% below the market peak of July 2007” Mr. Gibson said.

Mr. Gibson said “The decreasing average sale price we are seeing is reflective of more sales occurring in the lower value bracket than in previous months. This is reflective of good demand by the first home buyer or investor for well presented homes in an affordable bracket.”

QV’s Residential Price Index is calculated using sales data from the 3 months leading up to the month being reported. It is not the same as the average sales price, which fluctuates in line with the mix of properties selling in upper or lower price brackets. The average sales price for Dunedin in October was $262,472.

© Scoop Media