An award-winning home on Kaitoke Rd, overlooking Lake Wiritoa, has gone on the market for more than $1 million.

Property Brokers Whanganui lifestyle agent Mark Lourie says the listing is very unusual for Whanganui where the current average price is $200,000 for residential properties. In the past 12 months, 54 lifestyle properties (under 10ha) and over $200,000 in value sold for an average of $455,028. The highest was sold for $900,000 and the second-highest for $750,000.

"The last million dollar property, residential or lifestyle less than one hectare, to sell in Whanganui was in 2008 at $1,100,000," Mr Lourie said.

"We are not aware of anything else in those categories that has sold for $1 million or more since 2008. Obviously large properties like farms have sold for more but it is rare to get something like this where the value is mostly in the house, not the land.

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"In Auckland the average price is $1,440,000 and buys you...? For a million dollars in Whanganui you can get a 450sq m architecturally-designed home, 1.1 hectares, views of Lake Wiritoa and an award-winning design."

The four-bedroom home, built by Able Builders, won a gold award, bathroom excellence award and interior style and finish award in the Wanganui House of the Year Awards 2012.

"It is the nicest house I've ever been in," Mr Lourie said.

"It's built to a very high end and is unique in Whanganui."

Mr Lourie said although the pool of potential buyers would not be large, a number of higher priced properties that had not moved for the past six or seven years had sold in the past six months and there was demand for lifestyle properties.

"There is a lack of property listings in lifestyle at the moment in all categories. Normally I would have about 30-35 listings but currently I have 13."

The Kaitoke Rd property is listed for $1,050,000.