Heat stays on in Manawatu
Helen Mays takes a look at the latest real estate sales statistics.
The month of February was a hot time in more ways than one. While fans were fanning and swimming pools were cooling, houses on the market were simmering under the heat of keen first home owners, investors and empty nesters trying to score good property.
The heat stayed on simmer due to a distinct lack of listings that no amount of conjuring or convincing was going to change. If you sell now, where do you move to? What if there’s nothing out there you like? It was a tizzy of indecision for some, but those who listed made the most of the opportunity, selling at top prices with very well presented property.
REINZ Manawatu¯ spokesman Andy Stewart says he has noticed vendors going to a lot more effort in their house presentation.
‘‘They recognise if they want top dollar they’ve got to go the extra mile and they’re presenting properties that are impeccable at the first open home.’’
Another trend sees new listings receiving offers before the first open home from keen buyers tired of missing out.
‘‘It’s the vendor’s call but usually we go ahead with the open homes in case there’s a better offer out there.’’
Stewart suggests in today’s climate pitching the right price for a new listing requires very careful consideration and consultation.
‘‘Get it right and a well presented house could be gone in two weeks. If it sits for a few weeks longer the flurry of buyers quietens down a little.’’
Open homes have become a regular part of buyers’ weekends, strategically negotiating times and locations to view all there is on offer in their price range.
There’s been no lack of inquiry from both local people and national buyers, keen to make the most of some of the most affordable housing in New Zealand. Conversation suggests many real estate agents have buyers waiting on a phone call, with approved finances or money in the bank.
‘‘Attendance at open homes varies from house to house, but we’re all aware the well-priced, well presented mid-range homes and new listings are attracting very strong levels of inquiry.’’
Along with residential property, Stewart says there’s been strong buyer inquiry for lifestyle properties, a very positive sign for the region.
Palmerston North saw 137 residential house sales during February, an increase on the 101 sales recorded in January this year and a rise on the 120 sales recorded in February 2017.
Of the 137 sales, 33 (24 per cent) were under $300,000, and 76 (55 per cent) were under $400,000.
‘‘This continues to indicate that in comparison to other areas around New Zealand, our city still has very affordable homes, although prices are definitely rising,’’ Stewart says.
There were 32 sales recorded between $400,000 and $500,000 (23 per cent) with 29 sales over $500,000 (21 per cent) and one sale recorded in excess of $1million.
The median sale price for February increased to $380,500 in comparison with median Rateable value of $290,000. The number of days to sell on the market remained at 39 days.
Listings decreased to a critical level of between 250 -260 in Palmerston North.
Just two residential sections sold in the city. ‘‘There’s still a strong demand for sections with many buyers keen to build new homes.’’
Seven properties sold in Ashhurst in February and 38 in Feilding, where the median sales price decreased to $289,125.
The median Rateable Value was $245,000, the days on the market reduced to 28 days. There was only one residential section sale recorded in February.
Available listings in Feilding at the end of February decreased again to a critical level of 30-40 properties.