PN property market picking up

18:17, Dec 10 2012

Palmerston North's property market is continuing its slow and steady march of improvement, with average selling prices rising.

The average selling price in Palmerston North last month was $279,000 - up by $9000 on November 2011. Volume sold was identical at 135, while time to sell was up one day - from 33 days to 34. However, volume was up by 27 from October to November.

Watson Integrity principal Ken Watson said sale numbers always increased in November. "This is when things start to get busier."

However, the number of houses sold was not high at all, he said. The average monthly sales volume in 2003 was 181 - well up on current averages. While it was better than the 92 a month in 2010, Mr Watson said there was room for improvement. "Things are loosening up a bit but it's still slumping along."

A listing shortage was to blame, he said. "If we had twice as many listings, we would probably start seeing more sales."

Seeing a steady rise in the sale price was good, but Mr Watson said Palmerston North was moving slower than anywhere else. "That's the problem word: ‘slowly'."


Manawatu Standard