Dunedin – rediscover the community spirit
Dunedin is the second largest South Island city. The location has a rich history with the Scottish community who have a strong presence in the city.
Locals are known for their incredibly friendly approach to life. Living in Dunedin is like rediscovering the community spirit long lost in many large international cities. This is a great place for families, a place the kids grow up in and experience how life truly should be in New Zealand. Dunedin city has a great shopping precinct, lovely beaches, great schools, and affordable housing is perhaps the reason everyone is so friendly... they can still afford to be!
The Dunedin peninsula is home to a variety of wildlife often featured internationally on wildlife programmes. Seal colonies, the endangered yellow eye penguin, and royal albatross can all be seen in the ecotourism operations around the region. Other activities include boating, tramping, salmon, trout fishing, and surfing to name a few.
The full range of vacancies in the property sector is often available in Dunedin.
The Otago daily times recently reported the following:
Dunedin's property market remains buoyant and offers high yields for investors, but on the other side of the coin, a crisis for renters and short supply of commercial properties continue. Simon Hartley looks over Colliers International's latest market review and outlook for Dunedin.
Demand remains high in most sectors of Dunedin's property market, from residential and rental housing to commercial properties and the student accommodation sector.
Economically, Dunedin is in a good position, several recent reports outlining strong growth opportunities in the short to medium term.
The Colliers report said there was plenty of "positive sentiment" derived from economic growth, business confidence, tourism growth and current low interest rates.
The $1.4billion new Dunedin Hospital build, plus University of Otago projects were among the strongest contributors to the positive sentiment.
Growth in Dunedin's property market in general was expected to continue over the short to medium term, but at a more moderate pace.
Colliers said following strong growth in Dunedin's residential property market through 2017 and last year, the outlook was more subdued for this year and next.
"Although good growth was continuing during the first half of 2019, sales volumes are reducing, mainly due to the lack of available stock and reduced buyer numbers," the report said.
Colliers' noted the Dunedin market was no longer perceived as affordable, which also contributed to reduced sales volumes, and could affect value growth during the rest of the year.
Residential median prices for all dwellings rose from $325,000 in the year to March 2017 to $411,000 in the year to March this year, while $1 million sales rose from 29 to 41 over the same period.
"Dunedin's resurgence as an attractive place to live and work is driving ongoing demand for residential property."