Whanganui had the most growth in house prices of the smaller urban centres for the year to April 2019.
Whanganui had the most growth in house prices of the smaller urban centres for the year to April 2019.
The Whanganui/Manawatū region property market is continuing a "mini-boom" with houses selling for well over their capital value (CV).
The latest OneRoof.co.nz and Valocity house market figures show that the region continues to be one of New Zealand's provincial growth stories. Affordability is at the heart of the surge, with53 per cent of sales below $300,000.
"The region's mini-boom means sale prices are now 40.7 per cent over CV and building consents are at their highest for two years," OneRoof.co.nz editor Owen Vaughan said.
"The wins are going to investors - now over 20 per cent of the market, as first home-buyers have slipped back to below 27 per cent - two years ago, they are [sic] around 33 per cent."
Of the smaller urban centres, Whanganui saw the most growth in the 12 months to April 2019, up 19.7 per cent year on year to a median of $261,000.
"Smaller towns such as Whanganui and Invercargill are still in catch-up mode," Vaughan said.
"The fact they are starting from a lower base means the values gains look proportionately higher but they are still very affordable markets."
The "hot suburbs" for year on year growth to April 2019 were Durie Hill (17.2 per cent), Springvale (15.9 per cent), Castlecliff (15.3 per cent) and Gonville (13.3 per cent). College Estate and Tawhero were both up 13 per cent, with Whanganui East 11.7 per cent and Otamatea 10.2 per cent.
