MOVE OVER AUCKALND, HELLO MANAWATU
The whole district is absolutely humming with seasoned professionals in all property related industries having never seen a market quiet like this. Some even suggesting this market is more energetic than the last boom.
We are definitely seeing increasing purchase prices and increased demand for most property types. In particular, over the past few months I’ve noticed a significant increase in new building activity, vacant section sales and potential subdivisions. Most certainty the vacant section market within the district over the past 12 months has been particularly strong. Some areas have seen 8 years supply gobbled up and developers pushing hard to get their new subdivisions titles. I would warn that some areas haven’t seen growth in the completed or improved property market; with the risk of over capitalising as the cost of land plus build cost goes well above current sales within the area. Come in and talk with our experienced team, we can help with this.
What are the stats saying?
Palmerston North City’s median house price in May 2016 was $302,500 with an average of $321,059.
Palmerston North’s average sale price for the last 12 months was $331,719 compared with $325,295 for the 2015 calendar year compared $321,740 for 2014 and $307,825 for 2013 (Real Estate Institute Statistics).
Palmerston North saw 140 sales for May, which is up on the monthly average of 122 sales.
Feilding saw 31 sales for May, which is relatively consistent with 30 sales per month on average over the past 12 months.
Feilding’s median house price in May 2016 was $273,000 with an average of $287,069.
Feilding’s average sale price for the last 12 months was $286,213 compared with $283,991 for 2015 calendar year, $269,709 for 2014 and $259,556 for 2013 (Real Estate Institute Statistics).
It’s hard to predict what’s next in the current market and more than every you need the best advice. Come in and see us, let us help you make informed property decisions.
Chris Willoughby - Registered Valuer, Blackmores.