Property Market
What's happening with Thames-Coromandel District's house prices?
Explore Thames-Coromandel District's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs
Property Market
1 min read
What's happening with Dunedin's house prices?
Explore Dunedin's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs
Author: Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Andrew Nicol
Managing Director, 20+ Years' Experience Investing In Property, Author & Host
What's happening to Dunedin house prices?
The average price of a Dunedin property is $650,016 (CoreLogic, May 2024)
Dunedin house prices are down -3.73% over the last three months (REINZ). And they are 3.28% up over the last 12 months.
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Quick facts
- The average price of a Dunedin property is $650,016 (CoreLogic, May 2024)
- Over the last 3 months property prices in Dunedin have gone down -3.73%
- Dunedin property prices increased 5.52% per year (on average) in the 20 years between May 2004 - May 2024 (REINZ)
- The average rent in Dunedin is $500 per week (Tenancy Services, April 2023)
How are Dunedin property prices changing?
Dunedin house prices soared after the Covid-19 pandemic began. House prices started out 23% below the eventual peak of the market.
However, after that peak in October 2021, house prices fell 17.60% before bottoming out in June 2023.
Today, Dunedin house prices are down 13.08% compared to their peak. That means prices have risen 5.49% since the bottom of the market.
Dunedin's house prices compared to the peak of the market
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Where is Dunedin in its property cycle?
At the bottom of its property cycle, Dunedin was 18.45% undervalued. But now prices have caught up.
Today, property prices in Dunedin are overvalued by 3.88%.
That suggests there is a selling opportunity in Dunedin.
Is Dunedin City over or undervalued?
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Dunedin City's suburb prices
Dunedin City
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Dunedin City is made up of 64 suburbs. The most expensive suburb is Maori Hill, which has an average house value of $1,035,100. While the most affordable suburb is South Dunedin, which has an average house value of $420,650.
Over the last 24 months of all the Dunedin City suburbs (Jun 2022 - Jun 2024), Brockville had the fastest-growing house prices at 0.45% per year.
The suburb that grew the slowest over that period was Ravensbourne, which grew at a rate of -6.62% per year.
What is the Dunedin rental market like?
Rents have been steadily increasing in Dunedin. Over the last four years (April 2020 - April 2024) the median rent has gone up $100 a week. That's 5.74% a year (on average).
Over the last 12 months, rents have gone up. They are up 11.11% ($50 a week) year on year.
Are properties selling above or below CV?
One of the most common questions I get asked is: “Ed, are properties selling above or below the Council Valuation (CV)?”
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property.
Where do house prices grow the fastest in the Dunedin property market?
This map lets you find out for yourself.
Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.
The redder the area ... the quicker house prices have grown in that suburb.
Which Dunedin suburbs have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the Tauranga property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
Other property markets to look into
If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Otago property market here.
Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
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