The southern city’s average home value increased by 3.9% annually to reach $495,947, including by 1.9% in the final quarter of the year, figures from QV showed.
That was slightly more growth than in 2023, when the average home value increased by 2.3% annually, and significantly more than in 2022, when values reduced by an average of 4.1% annually.
The average home value strengthened slightly across the greater Otago region. The latest QV house price index showed values increased this quarter in Central Otago and Dunedin by 2.9% and 1.1% in respectively, and decreased in Waitaki and Clutha by 1.5% and 0.8% respectively.
However, home values in all districts would start the year higher on average than a year ago. Clutha (5.5%) recorded the most growth annually in 2024, followed by Waitaki (4.4%) and Central Otago (3.3%). In Dunedin, the average home value increased by 2.9% last year to $645,378.
In a statement, QV registered valuer Rebecca Johnston said the property market in Dunedin had been relatively stable compared with other cities.
“Looking to the year ahead, we expect similar positive house price growth within the 3%-4% range due to an improving economic climate, lower interest rates, and continuing infrastructure projects,” she said.
The housing market looked set to remain relatively static throughout the opening months of 2025, following yet another flat quarter, she said.
Queenstown’s housing market ended 2024 with a small dip. The average home value decreased by 1.4% to $1,821,424 in the December quarter. However, that figure still ended the year 2.5% higher than it started.
— APL
