The local Residential property market in Palmerston North is humming along at an unprecedented rate. The number of home sales at present are really only being hampered by the lack of available new properties to sell.
Our current market conditions are definitely somewhat different to that of just 12months ago where the supply of properties for sale outstripped the number of buyers however today demand for properties by purchasers now exceed the number of properties available.
My take on the market as it stands and to get some real fizz going, is we now need to see more properties in the price band from 250k - 650k. The reason is simple at present potential purchases have little or no motivation to move as they have nowhere to move to.
The residential property market is like a big Ferris wheel we all need to get back on and have a good time.
The more homes that come available in the mid range the better for all concerned - those with lower priced home have something move on too which in turn installs confidence in the upper price ranges and developers of new home packages.
Whilst the current conditions remain sellers are having a field day with many property sales exceeding vendors expectations through multiple offer situations.
My advice is if anybody was considering selling the time is now and make the most of the large number of buyers available.
Barry McKean
Bayleys Residential Specialist
Each week, well known real estate industry expert, Barry McKean of Property Brokers, releases his views, opinions, observations and predictions of the Palmerston North real estate market.
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