By ANNE-MARIE EMERSON
NOW is the time to buy a house in Wanganui.
House sales were at a six-year low last month, according to Ross Watson of the Manawatu-Wanganui Real Estate Institute.
Only 47 houses were sold in Wanganui in September, compared to 64 in August the lowest figure since June
2001.
Despite the sharp drop in sales the median house price dipped only slightly, down from $171,250 in August to $169,000 in September.
The median peaked at $202,000 around four months ago, and Mr Watson said he expected the median to tip the $200,000 mark again soon.
He said now was the time to buy, particularly for those on the hunt for their first house.
"There's a lot of property for sale, so lots of choice for buyers. Property prices really will not be any more affordable than what they are currently."
He said the flat market could not be attributed to one event, but was a combination of factors.
"Winter blues, rising interest rates and the inevitable market slow-down are all part of it."
He said the Wanganui housing market in the past couple of years had experienced very strong growth.
"So a low month like this sticks out like a sore thumb."
Mr Watson said the lower end of the market (under $150,000) had been the most active in Wanganui recently.
Ten houses were sold in Castlecliff in September, with a median sales price of $123,000 and eight sold in Gonville with a median sales price of $148,000.
Other active areas in September included Aramoho, Wanganui East and central.
By contrast, there had been no sales at all in Bastia Hill or College Estate, and only two each in St John's Hill and Springvale.
Only four houses over $300,000 were sold in September, and Mr Watson said buyers were being cautious.
"People aren't prepared to take the risk of a high mortgage."
He said the slow sales weren't confined to Wanganui.
"It's happening right across New Zealand."
Nationally, 5900 houses were sold in September, a drop of more than 500 from the previous month. Unlike Wanganui, however, the biggest nationwide drop in sales was at the bottom end of the market.
