Confidence alive and well in city
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.