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QV property consultant Tom Patterson said the data showed strong value growth continued in Dunedin, values having increased 18.9% over the past year and 1.8% over the past quarter.
The average value was now $547,531.
"The latest statistics for Dunedin city show a slight decline in values compared to the previous month, although the residential market remains active, underpinned by a general shortage in housing stock.
"This is particularly evident in the lower-to-medium price brackets, where first-home buyers are present.
"There has also been a number of transactions in the upper price brackets post lockdown, which is an indication of confidence in the market."
QV general manager David Nagel said the average value nationally increased 1.3% over the past three months, raising the average value to $738,018.
"A combination of pent-up demand following lockdown, plus vast numbers of returning expats over the past few months has contributed to strong attendance at open homes, auctions and tenders in most locations throughout New Zealand.
"Record low interest rates have also helped to ensure prices have held up well so far, with an active buyer pool dominated by investors and first-home buyers," Mr Nagel said.