New Zealand’s economy continues to go from strength to strength with strong global demand for our exports, construction, healthcare, and public administration and safety being major contributors.
Infometrics revealed Gross Domestic Product (GDP) in the region increased by 0.2% in the year to 2021 March, compared with a 3.0% fall nationally, highlighting the region's rapid rate of economic recovery.
The Manawatū housing market is hotter than ever, experiencing a 26.3% increase in prices in the year to March 2021. The value of non-residential building consents has surged considerably, reaching a record breaking $223.3 million during the year to March 2021.
Consumer spend also increased by 0.2% over the year to March 2021 and tourism spend in the region decreased by just 2.5% in the year to March 2021.
“The change to taxation rules for investors has undoubtedly slowed investors down, however, the serious investor is still active and looking for opportunities. Properties on the market are taking about five working days longer to sell in the days from April 21 to 26, a reflection of a more cautious buyer deciding not to jump to put an offer in before the first open home." - David Klue, Branch Manager at Property Brokers Palmerston North.
