106 | PROPERTY Cutlers Real Estate T T Kelly Deeks Renewed confidence drives market Cutlers now has 15 salespeople and three admin staff, with additional team members covering Balclutha, Milton, and East Otago. “We’re at a price point that’s achievable for most people. That’s why Dunedin stays resilient.” Cutlers Real Estate co-owner Donald Muldrew says renewed confidence across the South Island is driving one of the strongest market shifts Dunedin has seen in years, with affordable prices, major infrastructure projects, and steady buyer activity signaling a positive start to 2026. Donald says recent months have delivered a noticeable lift in sales and enquiry, well ahead of the usual February-March peak. October and November were “exceptionally strong”, reflecting what he describes as the South Island’s role in leading the national recovery. “There’s definitely more positivity out there now. The South is ahead of the North in confidence,” he says. “We’re not overpriced, employment is good, and the further south you go, the stronger that confidence feels.” Dunedin’s median house price of around $600,000 continues to underpin its appeal, with first-home buyers still securing properties in the $500,000-$650,000 range. KiwiSaver remains critical for new buyers, and while some lower-priced homes come with location or maintenance caveats, affordability continues to set Dunedin apart. “We’re at a price point that’s achievable for most people. That’s why Dunedin stays resilient.” More recently, major infrastructure activity is helping stimulate confidence. The new Dunedin Hospital project, despite delays, is now underway and already making a tangible impact. “It’s a 10-year build and we’re seeing the effects now,” he says. “Our commercial team recently sold a holiday park to a developer working on the hospital who’s planning to house staff there. That’s money coming into the community for a decade.” Recent CBD improvements — from the ACC building redevelopment to new retail like Kmart — have also contributed to renewed commercial confidence. Donald says commercial leasing and sales are steady, although buyers increasingly seek assurance around Dunedin’s long-term planning. “People want to know what the future looks like when they’re investing. That’s where the council’s decisions really matter.” Donald purchased Cutlers Real Estate in 2022 with business partner Matt Cutler, after joining the business in 1990 and serving as sales manager for nearly a decade. Founded in 1986, the company has long held strong community values and a people-first approach. “We wanted a company that valued people — not just numbers. Our staff are supported and treated the same no matter where they are in their career.” Cutlers now has 15 salespeople and three admin staff, with additional team members covering Balclutha, Milton, and East Otago. Subdivisions in Mosgiel and across Flagstaff, Wakari, Water Tank Drive, and Ocean Grove continue to sell well. “We’ve got excellent local developers producing quality subdivisions, and buyers recognise good value.” A growing number of homeowners are staying put and upgrading their properties into long-term homes. Donald says while this reduces listings, it increases overall area quality — an important positive for Cutlers and its clients. “When people improve their homes, it lifts the standard of the whole area. Better neighbourhoods attract committed buyers and support stronger values.” Cutlers’ large university portfolio is another major advantage, with around 20,000 students needing accommodation annually. Its integration with Cutlers Property Management ensures strong crossover between rental and sales services. “Being a university city is huge. Students can live anywhere and get to campus in 15 minutes. Dunedin just works.” To stimulate further market activity, Cutlers is running a major vendor promotion between October and March 2026, giving away $50,000 in prizes. The campaign has already delivered some of Cutlers’ strongest listing numbers in years. “This is about backing our agents and supporting the community. Confidence builds confidence.” After 35 years in the industry, Donald remains enthusiastic about the city and its future. “I love Dunedin. I moved here in 1984 and I’ve never looked back. The people make it — and the market’s in a good place.” Grant Anderson - 027 499 0175 03 455 5500 | southernmotorgroup.co.nz SouthernMotor Group CROSSTREK The all-new Crosstrek features all-eyes-on-you styling with dramatic angles, rugged cladding and roof rails and is available in a range of unashamedly bold colours. • STANDARD ALL-WHEEL DRIVE • RUGGED, VERSATILE DESIGN • ADVANCED EYESIGHT® SAFETY TECHNOLOGY • TOUCHSCREEN INFOTAINMENT SMARTPHONE INTEGRATION
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