Mak­ing sense of mar­kets

It’s a busy time for Manawatu’s real es­tate con­sul­tants with plenty of peo­ple on the look out for a new home.

Manawatu Standard - Property Weekly - - Front Page - He­len Mays

Real es­tate sales in Manawatu are pro­vid­ing some stim­u­lat­ing con­ver­sa­tion amidst lo­cal real es­tate com­pa­nies and buy­ers alike. A short­age of list­ings con­tin­ues to keep the mar­ket some­what reined in but Ray White prin­ci­pal Stu Flem­ing says a very busy mar­ket pre­vails, es­pe­cially in the un­der $400,000 cat­e­gory.

‘‘We’re see­ing good num­bers of peo­ple look­ing to buy prop­er­ties in the lower price bracket and there’s a big va­ri­ety in the type of buyer right across the board,’’ says Stu.

He in­cludes in­vestors and ex­ist­ing home own­ers search­ing for an­other good buy and says first home own­ers are also out search­ing for their ideal prop­erty to pur­chase.

‘‘The 20 per cent de­posit is help­ing our first home own­ers to bring a con­tract to fruition.’’

In gen­eral terms the mar­ket con­tin­ues to show some very pos­i­tive trends.

REINZ spokesper­son for Manawatu Andy Ste­wart says in­ter­est rates are def­i­nitely help­ing, cur­rently of­fered at an ex­tremely at­trac­tive rate.

‘‘It is cer­tainly stim­u­lat­ing the lower end of our mark,’’ says Andy, ‘‘and this has caused a roll-up ef­fect in ac­tiv­ity mid-mar­ket with ven­dors sell­ing their first homes and buy­ing up again at a higher level.’’

Andy and Stu con­cur, buyer ac­tiv­ity for new list­ings is in­tense with many agen­cies re­port­ing a large num­ber of mul­ti­ple of­fers from pur­chasers. This means they are achiev­ing op­ti­mum prices and quick re­sults for the ven­dors.

Auc­tion prop­er­ties are also at­tract­ing good ac­tiv­ity and achiev­ing great re­sults for sellers.

Stu says they achieved over 40 groups at­tend­ing two open homes last week­end, one of the houses sell­ing af­ter the first open home. The house sold well above GV.

‘‘At­ten­dance at open homes does vary from house to house, but in gen­eral, the mid-range homes and new list­ings are at­tract­ing strong lev­els of in­quiry,’’ says Stu.

An ob­ser­va­tion Stu makes is a dif­fer­ent at­ti­tude amongst first home own­ers, with their de­ter­mi­na­tion to find a prop­erty that needs lit­tle do­ing to it.

‘‘They’re less in­ter­ested in a doup­per and more in­tent on find­ing a prop­erty with new kitchen etcetera, and they’re pre­pared to buy in a less pop­u­lar area to achieve their ob­jec­tives.’’

Andy notes there has been strong buyer in­quiry on a num­ber of life­style prop­er­ties cur­rently on the mar­ket which he sees as also very pos­i­tive.

In Palmer­ston North there were 134 res­i­den­tial house sales recorded in Fe­bru­ary. This was an ex­pected in­crease on the 93 sales recorded dur­ing the Jan­uary hol­i­day pe­riod. It’s also an

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