Con­fi­dence alive and well in city

Manawatu Standard - Property Weekly - - Front Page -

Ac­cord­ing to REINZ mar­ket sta­tis­tics, there have been some very in­ter­est­ing sales in­creases in the re­gion, with Feild­ing es­pe­cially be­ing an area of pref­er­ence for lo­cal buy­ers. There are a good few first home buy­ers want­ing to get into their own home with the only lim­i­ta­tion be­ing the Re­serve Bank’s loan to bor­row­ing ra­tio of 20 per cent de­posit. It seems some banks are mak­ing ex­cep­tions from their strict cri­te­ria, how­ever, so it would cer­tainly pay to make in­quiries.

REINZ spokesman for Manawatu Andy Stewart says those look­ing to buy a home have done their re­search and usu­ally be­gin their search with a good knowl­edge of prop­erty val­ues

‘‘They visit var­i­ous in­ter­net sites and make com­par­isons on the prop­er­ties they have viewed,’’ says Andy.

‘‘It’s no­tice­able too that pur­chasers can take their time, care­fully weigh­ing up their op­tions be­fore con­sid­er­ing mak­ing an of­fer on a prop­erty.’’

New list­ings have been in short sup­ply, which puts pres­sure on sellers when a flood of new buy­ers ea­gerly visit their home.

‘‘Buyer ac­tiv­ity for new list­ings ap­pears to be in­tense and many agen­cies are re­port­ing strong in­com­ing buyer ac­tiv­ity re­sult­ing in mul­ti­ple of­fers.’’

The var­i­ous real es­tate agen­cies are re­port­ing good at­ten­dance at open homes, depend­ing on price and lo­ca­tion.

‘‘In gen­eral, the mid-range homes and those re­cently signed new list­ings are at­tract­ing good lev­els of in­quiry.’’

Lifestyle prop­er­ties are also en­joy­ing plenty of at­ten­tion, with strong buyer in­quiry on prop­er­ties cur­rently on the mar­ket.

In Palmer­ston North there were 104 residential house sales recorded in July. This is a con­sid­er­able re­duc­tion on the 137 sales recorded last month in June 2015, but this fig­ure is slightly higher than 97 sales recorded in July 2014.

‘‘The sales vol­umes con­tinue to be se­ri­ously af­fected by the cur­rent low num­ber of list­ings avail­able,’’ says Andy.

Out of the 104 sales recorded, 51 of the prop­er­ties were un­der $300,000. That makes 49 per cent of the to­tal sales within what could be con­sid­ered first home buy­ers or rental in­vestors buy­ing range.

‘‘This clearly in­di­cates that in com­par­i­son to other ar­eas around New Zealand, our city still has very af­ford­able homes.’’

Sta­tis­tics also show that 81 of the 104 sales (78 per cent) were un­der $400,000, and only 23 sales were recorded above $500,000.

‘‘List­ings within the city re­main a ma­jor con­cern. The avail­able list­ings on the mar­ket has con­tin­ued to de­crease over re­cent months.’’

Andy sug­gests this could be just the win­ter sea­son show­ing peo­ple’s re­luc­tance to list but nev­er­the­less he adds it is cre­at­ing a crit­i­cal short­age of list­ings within the city.

In Ash­hurst four houses sold dur­ing July. This is an av­er­age sales month for the vil­lage.

Con­fi­dence is alive and well in the Feild­ing mar­ket, with 38 residential house sales recorded in June. ‘‘This is well up on the 27 sales recorded in June this year and is an amaz­ing 55 per cent in­crease on the 21 sales recorded in July of last year.’’

There were four sec­tion sales recorded in Feild­ing, re­flect­ing a healthy in­ter­est in liv­ing in a pop­u­lar ru­ral town and a con­tin­ued strong de­mand for build­ing sites. The num­ber of avail­able list­ings in Feild­ing have con­tin­ued to de­crease to what Andy de­scribes as a crit­i­cal level.

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