CoreLogic figures show Whanganui property sellers made $21m in first quarter of 2018

Property values are expected to continue to rise modestly over the rest of the year.

Whanganui vendors made a median profit of $75,000 in property sales during the first three months of 2018.

New figures from property information company CoreLogic's "Pain and Gain" report show Whanganui property owners pocketed $21 million in gross profit from sales in the first quarter of the year.

CoreLogic senior research analyst Kelvin Davidson said the property market was generally in good shape, with losses from sales remaining at historically low levels.

"We'd anticipate property values continuing to rise modestly over the rest of the year, given that migration is holding up, investors are staying in the market and interest rate rises remain a fair way away," Davidson said.

"There's a bit of evidence of uncertainty for investors and in the apartment sector but it's minimal. This is consistent with the continued gains in overall property prices in most parts of the country."

Davidson told the New Zealand Herald that provided an owner had held a property for "a normal amount of time", they would see a gain regardless of where their property was located.

"It's likely most people will hold a house for 3-4 years at least. So even if prices stay flat for the next 6-12 months, they've had those previous 3-4 years to build up their gains and when a sale is made, there'll probably be some sort of profit."

The report showed total losses from resales nationally dropped from $36.6m to $27.2m, indicating people were not concerned enough about the market outlook to push through quick sales for a lower price.