Police have launched a homicide investigation after a man was found dead at a Wikitoria Road property in Whanganui on Sunday night.

Emergency services were called to the address at 6.46pm.

The man in his 50s was found dead and a second man in his 50s received serious injuries and was transported to Whanganui Hospital.

He was now in a stable condition, Detective Inspector Ross McKay said today.

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Police and ESR were carrying out a scene examination today.

Neighbours spoken to by NZME were unaware of what had happened.

"Home all night, didn't hear a thing," one said.

A group of people had gathered inside a police cordon which has been placed around the one property with road cones diverting traffic away from one lane around the house.

Anyone who may have information about this incident is asked to contact police.

Information can be given anonymously by calling Crimestoppers on 0800 555 111.

Armed police guarded the property overnight.

Family and friends, huddled under duvets and dressing gowns, milled about outside the Wikitoria Rd address.

The Criminal Investigation Branch was called in to conduct the inquiry.