Sales figures are on the rise
The latest house sales figures are out and the signs are positive.
There was a substantial increase in the number of homes sold in Palmerston North during August, according to the latest figures released by the Real Estate Institute of New Zealand.
During the month 144 homes were sold which was well up on the 119 properties sold during July and the 115 sales in August last year.
This trend carried through to the number of houses sold in Feilding which rose from 21 sold in July to 32 sold in August. However, it is down on the 47 properties that sold during August last year.
REINZ spokesman for Manawatu¯ Andy Stewart says of the 144 sales in Palmerston North, it was interesting to note that only 17 (12 per cent) were under $300,000, and a total of 106 (74 per cent) were under $400,000.
‘‘This continues to indicate that in comparison to other areas around New Zealand, our city still has a number of affordable homes available although prices are definitely rising, there are a lesser number of sales occurring in the under $400,000 price range. There were 29 sales recorded between $400,000 and $500,000 (20 per cent) and 38 sales above $500,000 (26 per cent), of these, there was one sale in excess of the $1 million level.’’
‘‘The median sale price for August dropped to $395,000 in comparison with median Rateable value (RV or GV) of $265,000.
Stewart says listings remain at a critical level dipping under the 180 mark of available listings in the city.
There were two section sales recorded in August as the availability of sections declines.
‘‘The market continues to show positive trends, however, the critical lack of available listings is still affecting the volume of sales throughout Manawatu¯ . Incoming inquiry levels continued to be strong.’’
Stewart says first home buyers are active in the market and this continues to stimulate the lower end of the market.
‘‘These factors have continued to cause a roll up effect in activity midmarket with vendors selling their first homes and rebuying at a higher level.’’
Stewart says interest rates remain attractive and affordable which again stimulates all levels of the market.
‘‘Buyer activity for new listings is still very strong with many agencies reporting a large number of multiple offers from purchasers creating optimum prices and quick sales for sellers.’’
Attendances at open homes vary from house to house, but in general, mid-range homes and new listings are attracting good numbers, says Stewart.
‘‘There has been very strong buyer inquiry for lifestyle properties currently on the market which is also very positive for the region.’’