Castlecliff is one of the top performing suburbs on the New Zealand real estate map, with property values on the rise and buyers flocking to the beachside suburb.
Property Investor magazine released the results of a Quotable Value survey that shows the Wanganui community is the fastest recovering suburb in the
country.
It comes in ahead of other areas including Takapuna, Britannia Heights in Nelson, Ellerslie, Howick, and Rodney district's Orewa and Stanmore Bay.
According to QV's figures, Castlecliff average property values rose 19 per cent between February and October this year: up to $144,556 from the February market low of $121, 778, and up from the November 2007 market peak price of $137,889.
The survey's fastest-recovering suburbs were a mix of investor-type areas and the more traditional owner-occupier suburbs.
Wanganui First National principal Steve Carkeek told the magazine that 50 to 60 years ago the perception was that Castlecliff was a long way out of town and a lot of cheap houses were erected there.
But today it had a mix of high and low value properties with some values over the $400,000 mark. Two summers ago one property was valued at $1 million.
Ross Watson, of The Watsons Real Estate, said he was hesitant about saying it was a boom time for Castlecliff properties.
Mr Watson said there was a high ratio of investment properties in Castlecliff and when the recession hit, the house values in the seaside suburb dropped more than other suburbs.
Bob Weaver of Harcourts Wanganui said Castlecliff had been a much maligned suburb for too long.
"The thing is, Castlecliff is where people who have limited budgets, or are young first home buyers can get into a house for $120,000 to $140,000, which is great."
Mr Weaver said the suburb was also attracting a lot of investment buyers who were renting properties at reasonable rates.
"And it's only 15 minutes from town, and it's a beachside suburb."
Despite Castlecliff's performance in the survey, Mr Carkeek said property sales had been low throughout Wanganui over the past 18 months.
