Property prices on the increase

ON THE UP: House prices in Springvale rose 5.2 per cent in the last quarter of 2015 which doesn't surprise Philip Kubiak (above).

House values are rising in suburbs across Whanganui - and Springvale is leading the way.

The QV quarterly analysis of North Island property values shows Springvale experienced the biggest increase of all Whanganui suburbs over the final quarter of last year.

The median value of a Springvale property increased 5.2 per cent to an estimated median value of $236,300 over the quarter.

St John's Hill was the most expensive suburb to buy into, with an estimated median value of $287,850 at the end of December. That value increased 4.9 per cent over the quarter.

The cheapest suburb was Castlecliff with an average value of $114,050, up 2 per cent throughout the quarter.

Aramoho was the only Whanganui suburb where house values declined, dropping 2.5 per cent to $143,950 over the quarter.

Property Brokers Whanganui branch manager Philip Kubiak said Springvale was traditionally a very popular suburb and still reasonably affordable.

It wasn't surprising values had risen in the suburb, given sales numbers.

Property Brokers had a record 52 unconditional sales across Whanganui for the month of February. The previous record had been 41.

March sales had also been strong, he said.

St John's Hill was a very sought after suburb, and many people who were trading up or moving had gravitated towards it for its high standard of housing and schooling, Mr Kubiak said.

He felt the odd mortgage sale could have kept values down in Castlecliff, where housing was traditionally of lower value.

"We're just hopeful that the trend is reversed out there, because it's a nice suburb by the sea."

If the trend of good sales continued, he expected values in Aramoho to also increase in line with other suburbs as there were some nice properties in that area.