Spending up in Palmerston North, but down in Manawatu District

By GRANT MILLER - The Manawatu Standard

Spending in Palmerston North is up, but down in Manawatu District after a dairy payout drop.
Core retail spending in the city was up 5.5 per cent in the July quarter against the same quarter last year.
In the Manawatu District, it was down 7.1 per cent after low international prices and the exchange rate pushed dairy company Fonterra to forecast a reduced payout ahead of this season of $4.55 per kilo of milksolids.
The spending difference is also marked in the total spending measure, which includes motor vehicle sales and servicing, according to statistics supplied by Palmerston North City Council.
Total retail sales in Palmerston North were up 0.5 per cent in the quarter, compared with the same period last year, but down 13.1 per cent in Manawatu District.
Total spending in the city and district was $475.9 million in the quarter, down 1.3 per cent on last year.
The most recent figures for Palmerston North show buyers are picking up properties quicker. The median number of days to sell a property dropped below 50 in the three months to April, falling to just 26.
However, the number of sales fell from 425 in the May quarter to 380 in the August quarter, according to the Real Estate Institute.
City council economist Peter Crawford said house sales volumes had been slowing since a burst of activity in March and May. The market could be constrained by lack of supply.
According to the Real Estate Institute, the median price for a farm in the Manawatu and Wanganui region in the August quarter was $1.275 million down from $1.86 million.
The median price for a lifestyle block in the region dropped from $345,000 to $330,000.
However, farm and lifestyle block prices appeared to have increased in the past month.
Median prices in the August quarter were higher than for the three months to July this year.
Motor vehicle-related spending in the city and district was down 11.7 per cent.
More guests were staying longer in Palmerston North commercial accommodation, but there was a decline in Manawatu District.

Is the first offer the best?

Often we hear the first bite of the cherry is the best, and this can be true on many occasions. However reading the market and taking advice from your trusted agent is crucial.

At present the Palmerston North Real Estate Market is really humming along in all price sectors so being hasty may not be the best strategy.

Exposing your property to a good solid and well prepared marketing campaign could mean the difference to thousands of extra dollars in your pocket. With a little patience allowing time for all prospective buyers both passive and active to be view your home will create competition should there be multiple interest.

The extra time with the marketing of your property exposing it to these passive buyers will pay off - these are the people who are not in market to purchase but fall in love with it at an open home and just have to have it - Generally they pay the most.

Marketing is like fishing with a net, the bigger the net the more fish you catch.

My advice is to at a minimum have a least one open home before accepting offer.

Barry McKean
Bayleys Residential Specialist

UK Preview a great place to market

The Palmerston North property is attracting a high number of ex-pats and new immigrants. The large employers such as Massey University and Mid Central Health are some of the key components for these people deciding on good old Palmy as their new home base.

Bayleys have recognise that in the current work climate, these many ex-pats are planning to return to New Zealand and in addition, British citizens are now an increasing proportion of our immigration population.

Bayleys have invested considerable resources in promoting our publications and website in the UK, by both hosting and attending expos and farming seminars within the UK and recently through the opening of our Bayleys office in London.

As a result, Bayleys have a major presence within the UK market and subsequently have had many successful sales from this exposure. Bayleys can also provide clients with access to our unique resources through our international alliance with Cushman Wakefield.

Our next UK Preview magazine is released on the 10th October with 5000 copies being distributed to those attending the opportunities expos in London and Manchester.

If you would like your property exposed to the world at a very affordable marketing investment ie Eight Page is just $150 plus gst either call me at Bayleys Palmerston North or Email

Barry McKean

Bayleys Residential Specialist