Whanganui Central now has an average property price of $444,000, up 5% from three months ago. Photo / NZME
Whanganui property prices are climbing and they could hit 2022’s market peak later this year.
The district’s highest average price was $614,000 in March 2022.
OneRoof editor Owen Vaughan said the Whanganui average price had risen 2.9%, more than all its Horizons regional neighbours, over the three months to the end of January.
Ruapehu was the closest with a 1.2% increase, while Manawatū (-0.3%), Rangitīkei (-1%) and Horowhenua (-0.7%) dropped.
The average Whanganui property now costs $577,000.
“Much of that [growth] is to do with Whanganui still being seen as an affordable market,” Vaughan said.
“It’s attractive for first-home buyers, who are the dominant buyer group.”
All suburbs had an average price rise over the past three months, led by Whanganui Central at 5%, Springvale and College Estate at 4.6%, and Otamatea at 4.1%.
Aramoho, Tawhero, St John’s Hill, Durie Hill and Whanganui East all rose above 3%.
Whanganui Central, which covers the CBD and stretches from Cullinane College to Hatrick St East, now has an average price of $444,000, close to its market peak of $460,000 in February 2022.
It was also the best-performing suburb in 2024, with a 9.1% price rise.
“In the last five years, it’s had 24% growth. It’s gone up by around $88,000,” Vaughan said.
“That’s definitely not chump change for people who own homes there.”
Property Brokers Whanganui branch manager Vicky Todd said recent open homes had attracted a lot of first-home buyers.
She said the Whanganui branch had more than 100 properties on the market, with another 35 being auctioned on February 19 as part of its Bid Day Out event.
“We’re feeling very positive about the coming year and, as of now, interest rates remain low.
“December was a phenomenal month for us and, historically, that’s a bit of a quiet period.
“I’ve told everyone to buckle in. It’s going to be busy, you can feel it in the air.”
As of February 3, all major banks were offering a one-year fixed mortgage interest rate of 4.49%, with two-year rates ranging from 4.69% to 4.89%.
In February last year, the average one-year fixed rate was 5.87% and the average two-year rate was 5.72%.
Vaughan said he expected Whanganui property prices to reach the 2022 peak “sometime this year”.
“To be honest, most suburbs aren’t far off it. We are only talking between 3% and 8% [growth].”
He said Westmere, at $1.039 million, was Whanganui’s only suburb with an average property price of $1m.
Over the past five years, its average property price has increased by $238,000.
But it could be joined by Otamatea this year, currently at $931,000, Vaughan said.
“There has been growth [in Otamatea] over the last three months, and there will be a lot more buying and selling as the real estate market kicks into gear over February, March and April.”
Bayleys Whanganui general manager Rachel Thompson said the market felt more energised and buyers were “more motivated to act”.
“For December 2025, in the residential space, the median days on market was 32,” she said.
“The year before, it was 68 days. That’s a 53% decrease.”
In 2025, 25% of buyers came from out of town, Thompson said.
“It’s great to know that people still see Whanganui as a great place to live and they’re physically relocating here.”
There was a lot of activity in lower-value properties, especially among first-home buyers, she said.
Over the past 12 months, 993 properties were sold in Whanganui, including 131 in Whanganui East, 128 in Gonville, 121 in Springvale and 116 in Castlecliff.
“First-home buyers have a strong presence and they’re in good positions to put offers forward,” Thompson said.
“There is a lot of stock on the market though - over 400 properties in the residential space. That is good for purchasers. They’ve got options.”
Rangitīkei‘s average price peak of $575,000 was also in March 2022.
It is now at $488,000, down 15.2%.
In Ruapehu, the average price is $409,000, down 12.8% from its peak in March 2023.
Vaughan said while property prices were rising, Whanganui remained a balanced market for buyers and sellers.
“It’s a place where there’s a bit of energy, rather than a bit of doom and gloom.
“When investors do begin to trickle back into the market, it’ll be a place of interest because of the affordability factor.
“Whanganui has every reason to feel confident this year.”
Mike Tweed is a multimedia journalist at the Whanganui Chronicle. Since starting in March 2020, he has dabbled in everything from sport to music. At present his focus is local government, primarily Whanganui District Council.