Whanganui house sales ramping up

Median house prices continue to ramp up across the country and Whanganui's market is caught up in the growth.

Latest data from the Real Estate Institute of NZ (REINZ) shows that median prices for the Whanganui - Manawatu region had hit record highs in July.

Compared to July last year the median price in Whanganui rose 24 per cent, that's an increase of $35,500. And the month on month the median price from June to July also ramped up 11 per cent - up $19,000 from $166,000.

In terms of sales volumes that also translates into increasing numbers with numbers up 50 per cent in the Whanganui district compared to July last year. And compared to June,
sales volumes were up 36 per cent in our patch.

REINZ spokesman Bryan Thomson said the heat was coming on house prices driven by a fall in the inventory across the country.

"The first home buyer market remains very active in the Whanganui and Manawatu area, with quick sales and increasing number of multiple offers.

"The comparatively low levels of properties available for sale is also impacting on the rate of sales, with a slight increase in the number of listings well short of the underlying demand across the region," Mr Thomson said.

Philip Kubiak, Property Brokers Wanganui branch manager, said Whanganui's real estate market at the moment was "hot and it just keeps getting better".

Mr Kubiak said the July figures showed there had definitely been a big spike in sales.

"We're seeing some activity with out-of-town investors. We've had interest coming from Wellington investors as well as some from overseas coming into our market. Many of them are being referred to us from those other markets too."

He said lower interest rates and first home buyers with KiwiSaver funding were keeping the market active as well.

"I think it's as robust as it's ever been in our market and it's showing no signs of slowing down."

Mr Kubiak said usually they could expect the market to be a bit quieter in mid-year but this was not the case this year where buyer interest had been maintained all year long.

"In many cases sellers are getting prices above what they were expecting. In one case recently we had five buyers chasing the one property. There's only one winner in that sort of race but the thing is those other buyers have persisted in looking for something in the market.

"Overall you'd have to say the Whanganui's market is a good, buoyant one at the moment," he said.