The Palmerston North residential market is, in our opinion, at a healthy but not booming state at present. From a volume point of view, there are between 400 and 450 properties for sale in the city. REINZ reports that there were 118 sales in November, down from the 139 sales in October. The medium days on the market is 28 days.
Well presented and well located properties are the sort after ones. Anything needing lots of work isn’t appealing to buyers at the moment. Over-riding all of this is that buyers are particularly fussy at the moment and they are not rushing into buying just anything and if a property isn’t priced right, it will be rejected.
Sales are spread right through the price ranges, with no particular buyer group standing out over others.
Real Estate Agents Authority/ Real Estate Institute of NZ
On the 17 November 2009 we welcomed in the new Real Estate Agents Act 2008. With the new Act came the establishment of the Real Estate Agents Authority. The Authority is a Crown entity, established under the Real Estate Agents Act 2008 to provide independent oversight of the real estate industry, increase consumer protection, raise industry standards and to raise public confidence in the performance of real estate agency work. Their website is www.reaa.govt.nz.
The Real Estate Institute of NZ provides key services to members of the real estate industry- being the voice of the industry, representing the industry with the Government and the Real Estate Agents Authority, education services, and essential statistics services. It is the REINZ statistics that we have quoted in this report.
Marketing
Be positive, leave no stone unturned, market the property as a “hot seller” and you will have no reason to doubt whether you have done enough marketing to place your property in the “hot to sell” category. We are happy to discuss all options for you to make an informed decision. You need not rush this decision.
The Manawatu Property Press is the main source of activity for buyers actively looking. Any advertising must include this publication in the marketing mix.
The Manawatu Evening Standard is frequently used to source passive buyers. By this I
We mean people who are not actively looking but may casually look in the paper and see a “wow” property.
We would be delighted to assist if you require any further information.
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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