Back to Dunedin, New Zealand

685 George Street, North Dunedin, Dunedin City, Otago

Dunedin, New Zealand

Guide Price

$710,500

1,225,000 NZD

PROPERTY TYPE

house

BEDROOMS

10

BATHROOMS

3

685 George Street, North Dunedin, Dunedin City, Otago - Photo 2
685 George Street, North Dunedin, Dunedin City, Otago - Photo 3
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Description

Opportunities of this scale and calibre on George Street are increasingly rare, and this substantial 10-bedroom rental investment stands proudly as a standout performer. Perfectly positioned just moments from the University, this iconic property delivers a strong annual return of $104,000 pa, underpinned by consistently high tenant demand. Its proximity to campus, the city centre, and key

amenities ensures ongoing appeal to the student and rental market year after year. Behind the striking façade lies an expansive floor plan spread across multiple levels, offering generous communal spaces, numerous bathrooms, and a configuration ideally suited to large-scale residential letting. The sheer volume of space on offer is a rare find, providing both functional living and flexibility for future enhancement. Character lovers will appreciate the wealth of original

features throughout — from soaring ceilings, ornate plasterwork and timber detailing, to leadlight windows and architectural flourishes that speak to a bygone era. Whether you’re a seasoned investor looking to secure a blue-chip addition to your portfolio, or seeking a high-yield asset in a proven location, this is an offering that ticks all the right boxes: scale, income, character, and an irreplaceable George Street address. A true Dunedin classic with clear instructions to sell!

Location

Open in Google Maps

Living in Dunedin

Morning surf before work, weekends tramping through Lord-of-the-Rings landscapes, and a laid-back culture where shoes are optional and nature is never more than ten minutes away.

Visa

Skilled Migrant Category Resident Visa — points-based system requiring a skilled job offer in NZ. New pathways opening August 2026 for trades workers and those with 5+ years experience. Accredited Employer Work Visa is the faster route if you already have a job offer.

Learn more: The Complete Guide to Moving to New Zealand

Key Fact

NZ has strict biosecurity laws — importing food, plants, or outdoor gear can result in heavy fines. The work-life balance is exceptional, but the job market is small and remote from everywhere.

Learn more: What You Need to Know Before Moving Abroad
See all New Zealand listings

New Zealand at a glance

How New Zealand scores for American expats

💰Cost of Living
Expensive
🛡️Safety
Very safe
🗣️English Spoken
Widely
🏥Healthcare
Excellent
🌬️Air Quality
Clean
📶Internet
Moderate
🚶Walkability
Moderate
🚇Transit
Limited

Cost of buying in New Zealand

Estimated fees and ongoing costs for this property

Closing Costs

3-5% of purchase price

  • ·No stamp duty
  • ·Legal/conveyancing: NZ$1,500-3,000
  • ·Building inspection: NZ$500-800
  • ·LIM report: NZ$300-400

Annual Costs

Property Tax

0.3-1.5% of government valuation (varies by council)

Insurance

NZ$1,500-3,000/yr

HOA / Condo Fees

NZ$300-600/mo for apartments (body corporate)

Good to Know

Agent Fees

Seller pays (2.5-4%)

Foreign Buyer Note

Foreign buyers BANNED from existing homes (2018 ban). Can only buy new-build apartments in large developments.

Legal help in New Zealand

Hire your own attorney — not the seller's. We'll match you with a vetted local lawyer.

Need a local attorney in New Zealand?

We'll connect you with an independent, English-speaking real estate attorney experienced with foreign buyers. Not the seller's lawyer — yours.

Contact Agent

Jason Hynes - Wayne Graham Realty Ltd (Licensed: REAA 2008) - LJ Hooker, Dunedin

Next steps for moving to New Zealand

Interested in this property? Here's how to move forward.

1

Understand the buying rules

Foreign ownership laws vary wildly by country. Some welcome you, others restrict or ban foreign buyers entirely.

2

Sort out your visa

Owning property doesn't give you the right to live there. Research residency options before you buy.

3

Plan your finances

Understand currency risk, international wire transfers, and whether you can get a local mortgage.

4

Know your tax obligations

US citizens are taxed on worldwide income. You'll need to file US taxes from abroad and may owe local taxes too.

5

Set up healthcare

Medicare doesn't cover you overseas. You'll need international health insurance or a local plan.

6

Run the full checklist

Banking, mail forwarding, power of attorney, pet import rules — the complete pre-move checklist.

Source

realestate.co.nz

Portal listings

Currency

NZD