Dunedin achieves record rents
The Dunedin rental market has been robust throughout the COVID period. There was a sharp decline in March (as displayed in the chart below) when lockdown hit but it has rebounded strongly and has seen the highest median rent on record for any one month with a median of $479 for August 2020. This is highest recorded median rent for any month since records began in 1993. We can also see when comparing previous years that there is a seasonal winter slump every year in the market. Based on these numbers 2020 has not been a bad year for rentals.
This is likely to be driven by fundamental economic drivers in Dunedin. The university, the hospital rebuild and the wider business community provide strong and establish employment opportunities compared to other locations. At Dunedin Property Management we've seen new arrivals choosing to move to Dunedin from across Australia, from Auckland, and from central Otago.
Where in the past Queenstown has been seen as the growth engine of Otago, we are now seeing Dunedin’s steady approach as being favoured in these volatile times.
