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.
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