The Manawatu region recorded the strongest lift in prices (+4.5%) for the month of May, resulting in 142 sales which is the highest monthly volume for more than 2years. As you can imagine this has put a huge dent in the number of available properties for sale. Demand remains strong; buyers whom previously had time on their side to be choosy do not have that liberty with multiply offers becoming quite common place.
The lift in volumes was also above the national median with 27.4% more houses sold in May 2011 compared to April 2011 and almost 20% compared to May 2010. Palmerston North City showed consistent volume growth across both periods, while other parts of the region had more mixed results.
There appears to be an emerging shortage of listings occurring in Palmerston North City with a noticeable increase in buyer interest, although this trend is not consistent across the region.
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