Dunedin's shortage of housing stock for sale is the greatest she has seen in 30 years in the real estate business, Liz Nidd says.
Mrs Nidd, who is the Real Estate Institute's Otago spokeswoman, said this week there were 351 listings for the whole city, when often on good days in the past there could be 1100 listings.
It was difficult to predict what might happen post-election.
"There is so much comment on housing that it's a bit of a lucky dip.''
However, she thought that in the next few weeks and months there could be a lot of "sight unseen'' purchases by overseas buyers concerned about restrictions which might be imposed by a Labour-led government.
The lack of listings in Dunedin was hard for buyers, many of whom were having to reassess their limits.
Many younger buyers were having to go to the "bank of Mum and Dad'' because the goalposts kept changing.
People who were thinking of changing homes were not putting their houses on the market because there was nothing for them to look at.
"They don't want to risk being homeless.''
Anyone able to buy a property before selling the home they were in was in the ideal position, she said.
Competition in almost every sale meant sellers were getting good prices.
A continual trickle of Dunedin properties were being bought by people from outside the area, either because the properties were more affordable or the lifestyle in the city was more attractive, or buyers wanted to invest in property in the city because they could still get a good rate of return.
ELSPETH MCLEAN @thestar.co.nz
