Mighty Manawatu continues to outperform
Mighty Manawatu continues to outperform
Its rugby team may not have nabbed the Ranfurly Shield off Otago last month, but the Mighty Manawatu has had another strong year with real estate.
When the Real Estate Institute of New Zealand recently reported that median house prices were flat in Auckland while the whole country saw annual growth of 4.5%, the biggest exception was the Manawatu/Wanganui region in the lower North Island.
According to REINZ figures, the region experienced a 25.4% lift in median house prices in the 12 months to the end of July.
At the same time, the ‘capital’ of Manawatu, Palmerston North, continues to outshine most other metropolitan and provincial centres. The latest OneRoof Property Report, published on 2 September, showed a 13.7% rise in median value over the past 12 months for Palmerston North – now sitting at $415,000.
But Manawatu’s rise has not just been observed by Kiwis. Earlier this year, Palmerston North was identified as the best place in New Zealand to buy a property, according to the annual Demographia survey.
The international study on housing affordability calculated it would take just half the number of years to buy a median-priced house in Palmerston North earning the local median income than it would for Aucklanders to buy in Auckland.
Century 21 Premier (Palmerston North) owner, Tim Kearins, said at the time: “Palmerston North has had some solid growth in house prices over recent years. However, the good news is we’re still miles more affordable than the likes of Auckland and Tauranga.”
A well-established local brand and business, the award-winning team at Century 21 Premier services the entire Manawatu province. Not only are they busy selling residential homes, they market lifestyle blocks and farms as well as specialise in property management.
What’s more, successful sales for the team are now stretching out as far as Whanganui, Marton, Foxton, as well as nearby Fielding.
“Our close-knit team brings a wealth of experience and it’s our way of dealing with clients that brings people back to Century 21. We know the marketplace, the buyers, sellers, and the neighbourhoods. Importantly, we put our clients in control of their sale or purchase and help them get the best result,” says Mr Kearins.
Century 21 New Zealand owner, Derryn Mayne, says Palmerston North is one of Century 21’s best performing offices.
“Tim and his team are the ultimate professionals. They have always got plenty of properties listed at great prices. While Manawatu real estate has seen some impressive growth in recent years, the province continues to deliver enormous value for money. Currently, it’s a great place for both buyers and sellers alike, and offers a wonderful life for families,” says Ms Mayne.
She says Century 21 has invested extensively in database and web-based technology. In fact, all Century 21 offices have access to the most up-to-date technology, management, support, sales and marketing systems available in the industry globally today.
“The adage that you have market strength in being small and agile in this digital age is true. Yet we also have the support of the largest real estate network in the Asia-Pacific region with over 3,000 offices. It’s a win-win for our clients,” says Mr Kearins.
The long-time local real estate boss says key to Palmerston North still being deemed relatively affordable is the fact that local incomes remain healthy.
“Palmerston North provides a lot of employment opportunities. We’re a leading education provider, and of course we’re surrounded by a strong rural hinterland. Manawatu’s has always had economic strength and that remains to this very day.”
Tim Kearins says Manawatu’s number one draw for most people is the lifestyle on offer.
“People love that we’ve got all the big city conveniences, but the place is still easy to get around and has a great sense of community. What’s more we’re only a couple of hours away from the country’s capital city and have good proximity to both coasts,” he says.
Palmerston North: Did you know…
Palmerston North is New Zealand’s seventh-largest city and eighth largest urban area.
It has an urban population of 86,600 (June 2018)
Palmerston North is home to Linton Military Camp, Massey University (since 1927), and the New Zealand Rugby Museum.
The Manawatu River runs past the city and is 180kms long.
Maori called it Te Papa-i-Oea, believed to mean ‘How beautiful it is’.
British settlers named it after Viscount Palmerston, a former British Prime Minister.
The suffix ‘North’ was added in 1871 to distinguish it from the settlement of Palmerston in South Otago.
Today many people simply call it ‘Palmy’.