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Senior Sergeant Mark Donaldson said the man - Bruce Donald Saxton (53) - was disturbed by students on their property about 11pm.
He was peering through a window and appeared to be taking photos, Snr Sgt Donaldson said.
Snr Sgt Donaldson said the students immediately rang police, which resulted in the man's quick apprehension.
"I want to thank the students for their help.''
The incident follows another in Leith St last week in which a group of flatmates followed a man they discovered in their house.
Police were able to locate the group and arrest the intruder, who was described as "a possible peeper''.
There had been a cluster of similar offences in the area.
Snr Sgt Donaldson said if there were multiple offences of that type it was a concern.
Mr Saxton appeared before the Dunedin District Court this afternoon charged with burglary of a property on Ethel Benjamin Place.
He was remanded on bail by Judge Dominic Flatley without plea until next month.
Saxton's bail conditions include: to live at a Belleknowes address on a 9pm to 7am curfew and not to travel to north Dunedin beyond Frederick St.