Regional Profile: Dunedin
One of the bright stars in the property market is Dunedin – which is being recognised by market commentators as a region of growing potential. Demand remains strong for residential, rental housing, commercial properties and student accommodation. This combined with increased construction activity – including at the University of Otago and the $1.4billion new Dunedin Hospital build, means economically Dunedin is in a strong position.
For the third consecutive month, Dunedin led quarterly house price gains in main centers around the country, with an increase of 4.9%.
Otago Daily Times June 16th
Residential median prices for all dwellings rose from $325,000 in 2017 to $411,000 this year:
“Dunedin’s property market had another strong year in 2018, with average values up by 11.2%. In the past four years, they’ve risen by 48.8% – that’s an increase of $142,683, from $292,220 to $434,903.”
Core Logic Kelvin Davidson, 8 Feb 2019
On the supply side of the market, total sales are at low levels, and this restricted number of properties available to buy will help to keep pushing up values and rents. All of which means property in Dunedin will remain an area of solid growth potential for investors.
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