Palmerston North property sales fall but prices up

MATHEW GROCOTT
Last updated 12:00 10/05/2012

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The latest Palmerston North house sale figures show a fall in the number of properties sold but a rise in the median price for those that did find new owners.

The Real Estate Institute of New Zealand has issued its April residential mark report, with mixed news for the city.

It shows 79 homes were sold in Palmerston North in April, compared with 141 in March and 106 in April last year. The median price for properties sold in April was $280,000, up on the median of $272,000 in March and $266,000 in April last year.

"March was a very good month so [the market] has balanced out a bit," Harcourts director Stuart Pescini said.

The increase in the median price was a reflection of what properties had sold in April rather than any increase in the value of properties, he said.

Despite the drop in houses sold, Mr Pescini said his office had been busy.

"There are still good properties coming onto the market.

The market has been more positive compared to last year." There was still some uncertainty though, he said.

"March was a big month ... It's still a bit difficult to know month to month what's going to happen," Mr Pescini said.

Meanwhile, 23 homes were sold in Feilding in April compared with 34 in March and 24 in April last year. The median price in April was $244,000; in March it was $251,500 and $206,500 in April last year.

In Levin 36 houses sold; in March 24 sold and seven in April last year. The median price was $173,000 in April, $165,250 in March and $165,000 in April last year.

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- Manawatu Standard

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