Palmerston North house prices were, on average, $280,000 higher than the rateable value of houses sold in April. The story remains the same for house prices in Manawatū, with the average selling price in various towns hitting new record highs. Figures collected by the Real Estate Institute of New Zealand shows the median sale price in April across Manawatū-Whanganui was $580,000. The institute’s Manawatū spokesperson Andy Stewart​ said the median rateable value of the Palmerston North properties sold in April was $385,000 – $280,000 lower than the median sale price. The story was the same in Feilding, where the median rateable value was $415,000, but the median sale price hit a record high of $690,000.

Source: Stuff May 16, 2021 01:41 UTC