Buyers have been busy in 2016: we saw a 45 per cent increase in online buyer activity and property flew off the shelves quickly with a median of 23 days on the market.
However, with a significant decrease in the number of listings available over the year, choice was limited and competition fierce. Property values were driven up and resulted in a new median value benchmark of $340,000 for dwellings in October, with November coming in at $325,000.
Overall, 2016 was a year of record high demand and limited supply, resulting in a fast-moving market with high prices and quick sales.
So what does 2017 hold?
Low interest rates will continue to inspire confidence in property purchase and stimulate a positive outlook from buyers that yes, they can afford to buy in this market. As long as interest rates remain low, the optimistic view of buying will endure and demand will stay high.
We predict even more investment from buyers further afield, predominantly from Auckland and Central Otago. Dunedin remains stedy and more reliable than their markets: our property is a worthy and dependable investment option.
For sellers, look to get on the market sooner rather than later whilst people are confident and demand is high. Buyers - the market is steady but competition is fierce. You need to be on the ball and ready to purchase as soon as you find the property you love.
Whatever your real estate needs, we're here and ready to help. So if you're thinking of making a move or investment in 2017, we'd love to hear from you.