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No cheap suburb as house prices continue to skyrocket in Palmerston North
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The Government announced in March it was extending the bright-line test, reducing tax deductions on property investments, and would step up investment in communal infrastructure to support housing developments. QV’s House Price Index shows the average Palmerston North house price rose 30.8 per cent in a year to hit $687,537 in April – outstripping the 21.4 per cent annual change in the national average house price which now sat at $913, 209. “Sales volumes have been low, and we continue to see buyer panic in the market as a direct result of lack of supply,” Roberts said. At the current average rate of 10.9 per cent a month, Palmerston North’s average house price will be over $1 million by the end of August.
RNZ
The Reserve Bank s restrictions on home loans kick in from today but those in the industry don t believe it will do much to cool the market. Hockly said a critically low level of house listings, few sales and a high level of outside interest in Palmerston North properties was worryingly similar to the lead-up to the 2008 Global Financial Crisis. He said prices rose faster over the past seven months than at any point in the two years leading to that market crash. He had to dig through paper records from the 1950s and 1960s to find a comparable rate of price increases, and he couldn’t find any time it was higher.