Whanganui residential property values increase an average $32,485

Suburbs throughout Whanganui recorded gains in residential property values for the year to October 2018.

Whanganui residential properties rose in value by an average of $32,485 in the 12 months to October 2018.

CoreLogic NZ and OneRoof analysed the median values of 661 suburbs across New Zealand and found that 44 suburbs had capital gains above the median individual salary of $51,844.

While Whanganui District had some of the biggest leaps in value percentage-wise, it did not equate to big dollar gains as values in much of the region tend to be around the $300,000 mark, OneRoof editor Owen Vaughan said.

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However, the leap in values suggests an increase in demand over the past 12 months as buyers search for more affordable markets.

The average gain in the region in the 12 months to October 2018 was $32,485, with sub-$300,000 suburb Tawhero enjoying the biggest dollar gain of $39,950, an increase of 16 per cent on October 2017.

Gonville recorded the highest percentage increase of 19 per cent, a dollar value of $33,550, with Otamatea having the lowest percentage increase at 7.8 per cent with a gain of $36,000.

Gains in the other suburbs were: Castlecliff 15.3 per cent ($25,050), Whanganui central 14.5 per cent ($25,950), Whanganui East 13.8 per cent ($28,050), Durie Hill 13.5 per cent ($36,900), Aramoho 12.7 per cent ($24,800), Putiki 12.4 per cent ($35,900), Bastia Hill 12.3 per cent ($37,950), Springvale 12 per cent ($34,850), St John's Hill 11 per cent ($37,800) and College Estate 10 per cent ($30,000).

"We also need to bear in mind that the value growth is only 'on paper' until the property is sold, and people often have to buy and sell in the same market, where everything has changed in value by similar amounts," CoreLogic NZ senior researcher Kelvin Davidson said.