PHOTO: Palmerston North
It’s no surprise to one leading Manawatu real estate boss that Palmerston North has been identified as the best place in New Zealand to buy a property, according to a just-released international study on housing affordability.
The annual Demographia survey 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.
“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,” says Tim Kearins, owner of Century 21 Premier (Palmerston North).
He says key to Palmerston North being deemed relatively affordable is the fact that local incomes remain healthy.
“Not only does this show the rest of the country that we’ve got fair and reasonable house prices but it also highlights Manawatu’s ongoing economic strength. Palmerston North provides a lot of employment opportunities, is a leading education provider, and then of course we’re surrounded by a strong rural hinterland.”
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