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Otago Property Pulse factsheet – October 2011

Posted on: November 28th, 2011 | Filed in Otago Property Market Factsheet

The Otago region property pulse factsheet for October 2011 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales in the Otago region at 229 in the month fell on a seasonally adjusted basis in October and were up significantly by 27% as compared to a year ago. The inventory of unsold houses on the market rose very slightly to 29 weeks, currently this level is in line with the long-term average of 28 weeks of equivalent sales.

Median sales price of properties sold in the Otago region at $232,000 was down 5% as compared to a year ago, and up very slightly on the prior month. The asking price expectation of new listings was up 8% as compared to a year ago at $280,220.

The level of new listings coming onto the market in October at 407 was in line with September, but was down a significant 31% as compared to a year ago.

 

Article Discussion

  1. JohnB says:

    Interesting that sales listings are down in Otago, my Rental listings stats published today show a significant increase on a year ago – 23% see http://bit.ly/rPxl3W Does this mean that more owners are trying to rent out their property rather than selling?

    I have noticed that in other case when sales listings are increasing rental listings are decreasing, but that is not always the case. I previously noticed this in Lower Hutt, but that area now has the two listings coordinated, ie both rising.

  2. John

    Thanks for these comments, looking at your data which is great I would suspect that as you cite the seasonal student factor is the key to the spike in Otago listings for rental properties. I would imagine that as the Otago region is so dominated by Dunedin City which is in turn so dominated by the university that in this region changes to the availability of student accommodation is over represented as compared to other regions of the country.

  3. JohnB says:

    Agree with your comments Alistair, but the sheer numbers of listings suggests that maybe more houses are being converted to student flats? I don’t pretend to know the answer, but the seasonal trend is exceptionally high growth whatever way it is viewed.

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