The Tararua District
The Tararua district lies east of Palmerston North and includes small rural towns, Pahiatua, Woodville and Dannevirke, further to the north and Eketahuna to the South.
Woodville & Pahiatua are a comfortable thirty to forty-minute drive to Palmerston North, with people commuting to Palmerston North for work or study and vice versa.
Both Woodville & Pahiatua service the rural community with good schools, cafes, and service stations and in Woodville, a Four Square and a New World supermarket in Pahiatua.
New Manawatu Tararua Highway
The new Manawatu Tararua Highway is exciting for these towns; the new route is currently under construction between Ashhurst and Woodville.
The highway will be 11.5km with two lanes each way and a drive time of about 13 minutes for general motorists from Woodville to Stoney Creek Road, Kelvin Grove; the total travel time to Palmerston North from Woodville is about twenty minutes.
.The new highway is due for completion by the end of 2024.
This is excellent news for property investors, with new subdivisions opening up in Woodville & Pahiatua and opportunities to purchase either new builds or existing stock and sections.
The demand for rentals in the Tararua Region is still good; however, when advertising, median days to rent a property have increased, with an average three-bedroom home renting between $400 to $450 per week.
According to QV’s latest house price index, Palmerston North City’s median house price is $670,302, a 10.5% drop.
In the last 12 months for the whole Tararua Region, which dropped 4.1% with a median average house price of $439,152.
Check out Qv House Price Index
I wonder what will happen once the new highway opens once the housing market lifts again, particularly in Woodville and Pahiatua.
If you are looking to buy an investment property right now & considering the Tararua Region feel free to make contact for a rental appraisal or our full investor support service; both are free services.