Palmerston North isn’t just a vibrant university city, it’s also a great place to live and work. Named Papa-i-Oea by the local Māori Iwi, Ngati Rangitane, believed to mean ‘How beautiful it is’, it’s easy to see why this city has grown in popularity over the years – and is set to continue to grow.
Located in the centre of the North Island, the city is surrounded by fields and forests, close to the Ruahini Ranges, Te-Apiti Manawatu gorge and local beaches. With a vibrant shopping centre and café scene in the city’s centre, there’s something for the city-slicker and those who love the great outdoors.
From a number’s standpoint, the economy in Palmerston North grew 6.4% over the year to March 2022, compared with a national average of just 5.2%. House prices were up 14% in March 2022 compared to a year earlier, with the average house valued at $737,034 – making it a much more affordable option compared to the other major centres.
Looking forward, Infometrics projections suggest that Palmerston North’s population, employment, and household numbers will continue to experience significant growth over the next 25 years. So, to keep up with demand, a range of new housing will need to be built to provide opportunities for owner-occupiers and investors to buy into the region.
While property investment may seem simple from the outside, there’s a lot that goes into buying the right property and making sure you can hold it through the fluctuations of a property cycle. In this guide, you’ll find everything that you need to know about what makes property such a powerful investment option, and how to make sure you buy the right investment property to meet your financial goals.
Click here to download the New Zealand Property Investor Handbook by Momentum Realty.