Dunedin Property Market Takes off, LJ Hooker sells 45 properties in March

Buyers are returning to the Dunedin property market in force, with strong sales results in the first quarter of 2024.

LJ Hooker Dunedin had a strong month, selling 45 properties valuing more than $30 million in March. When compared to the same period in 2023, the team at LJ Hooker sold 30 properties with a value of $21.6 million.

LJ Hooker Dunedin principal Jason Hynes has noticed an increase in buyer and seller activity across the city.

“We have seen an increase in the number of listings and sales, and buyer inquiries have picked up too,” Hynes said.

Despite increased activity across the board, property prices have been stable with days on market remaining mostly unchanged over the past year.

“Confidence has returned to the market. Twelve months ago buyers were uncertain about interest rates and inflation. While there hasn’t been a lot of change to interest rates, people have confidence that they have reached their peak and are trending in the right direction,” Hynes said.

The most sales in the area have been seen in the $400-700 thousand price bracket, where first home buyers are looking at entering the market.

“We have also seen an increase in interest from investors who are coming back to the market,” he said.

One thing that has noticeably changed in the past few years is people wanting homes that are move-in ready.

“When I started in real estate about 18 years ago, there was a preference from most buyers to add value to a property. Buyers liked the idea of putting their mark on their new home. Now buyers are looking for opportunities that are move-in ready, where they don’t need to think about sorting maintenance or upgrades. Properties that are selling well are those that are nicely presented and are ready for the buyer to move in with little work required,” Hynes said.

“While it could be easy to put this down to an increase in cost and the inconvenience of maintenance, the difficulties of getting finance and insurance could provide a barrier to securing renovation investments,” Hynes said.

“Despite the ups and the downs in the market, the team at LJ Hooker Dunedin has maintained a good level of positivity throughout the past couple of years. We are seeing growth in the market and our team has been proactively helping people sell and find their new property.”

LJ Hooker Group Head of Network NZ Campbell Dunoon attributed the success of LJ Hooker Dunedin to the team’s dedication to understanding the chances in their local market and maintaining positivity throughout the past few years.

“The team at LJ Hooker Dunedin are true real estate experts. They have kept a high level of positivity and remained knowledgeable about their local market as it changed. This has allowed them to deliver great results to sellers who have trusted LJ Hooker with their property sales. Despite there being a lot of competition in Dunedin, Jason and the team at LJ Hooker Dunedin go above and beyond to do things better. This is why they achieved 45 successful sales in March, with many happy buyers and sellers,” Dunoon said.