Nearly one in 10 Palmerston North homes now sell for over $1 million but there are signs the housing market is starting to cool off. Most of those were sold in Palmerston North, where million-dollar houses now made up nearly 10 per cent of all house sales. READ MORE:* Palmerston North house-price rise burns through tax changes aimed at dampening property market* No stopping Palmerston North house price rises, as Covid uncertainty eases* Palmerston North house prices set yet another record* Million-dollar house sales on the rise in Palmerston NorthKathryn Graham/Stuff QV property consultant Jason Hockly says while 7 per cent of homes sold in Palmerston North now go for over $1m, Government housing polices and a predicted increase in interest rates are starting to rein the market in. Quotable Value property consultant Jason Hockly said the surge in million-dollar house sales was unsurprising given the high demand and critically low housing supply. It would have drastically changed the Palmerston North market if it had proven sustainable.

Source: Stuff August 09, 2021 06:00 UTC