Bulls leads value
If you’ve got a property in Bulls, chances are you are sitting on a small goldmine.
The Rangitı¯kei town took the country’s crown for the biggest jump in median property values, a leap of 26.9 per cent in 2018. Meanwhile, neighbouring town Marton was 10th in the list of greatest jumps, where house prices rose 18.9 per cent, according to data firm Corelogic.
Down the road, the Palmerston North suburb of Westbrook was the fastest-moving market, where homes were snapped up after just seven days on the market, on average.
The data pleased Matthew Gardyne, who took advantage of low prices when he bought his home in Bulls in 2016.
The Rangit¯ıkei town took the country’s crown for the biggest jump in median property values.
A single man, Gardyne found he was consistently outbid by families while house-hunting in the city. However, a quick scan of the region showed there was value out of town, and it would cost only $15 each day to commute to his job in Palmerston North.
His 1950s home had ‘‘great bones’’ and, with a flick of the paint brush, it was almost as if he had bought brand new.
He praised the Rangitı¯kei District Council for making it an attractive place to live.
‘‘The recycling and infrastructure is the same as if you were living in Palmerston North ... Palmy was a bit more on the expensive side.’’
Remax real estate agent Carol Lewis has been selling Rangitı¯kei houses for 15 years, but it was the first time Bulls has had as few as two properties listed for sale.
First-home buyers were venturing out of Palmerston North and Feilding to find cheaper homes, ending up in Marton and Bulls.
One of those was a client who worked in Feilding and had bought a home in Bulls for $300,000 after soaring prices drove him out of the Feilding market, Lewis said.
Nineteen sections on a new subdivision in George St, Bulls, had also been sold.
‘‘Years ago, we didn’t have back-up offers, multiple offers or people cashing each other out. But now we are.’’
Rangitı¯kei mayor Andy Watson said the officials had a close relationship with developers, and had asked them for ideas about how the council could help further development.
Overall, house prices in Manawatu¯ -Whanganui rose by 16.8 per cent.