July saw the highest number of residential sales through all Real Estate Agents in Feilding since November 2009. July was 10% up on a long term average, which shows that the sales numbers have been down for some time. In saying that, 2012 to date has been slightly more active than 2010 and 2011.
The median sale price calculated over 3 months is sitting reasonably consistently at around $249,000, but on a monthly basis, the median has bounced around from $288,000 down to $209,000 over the last 12 months.
Palmerston North’s median is $265,000, Levin’s is $177,750, Wanganui’s is $170,000, Rangitikei’s is $165,000, Pahiatua’s is $135,500, New Zealand’s is $368,000, and Eastern Suburbs in Auckland has a median of $852,500!
There is a shortage of property for sale, so now is a good time to list.
Kind regards
Michael
Looks like a great time be selling your house with the shortage of property listings, gives buying less options and hopefully the price you want!
Prices still seem far too high considering the the average annual income of individuals is less than 50k pa which in Feilding equates to more than four times the average persons income.
Questions to ponder: When a large portion of retirees start selling off investment properties over the + 5-10 yrs will there be enough financially secure people to buy those properties at the current prices or will supply & demand fundementals push prices down??
Also if inflation is reported to be at around 2.5% but fuel, power, food, insurance etc is inflating at up to 10% how will this affect investors & families purchasing property? Given that capital gains when measured against inflation is almost non existant.
Any thoughts or opinions?
Apologies, i meant to say in the email above that a median house price of 249k is more than four times the average individuals income ie 1:4+ house to income ratio. Its better than Auckland but not ideal.
For sellers I hope it goes up, for buyers i hope comes down.