"Excluding Auckland, the nationwide median house price is $500,000, and we're well below that.
"There's still room for growth in our market, though I expect we'll see the rate of growth stabilising depending on supply and demand."
The Manawatū-Whanganui region recorded the highest increase in median house price but also had the lowest numbers of days to sell out of any region in the country.
Ward said a close eye was being kept on housing supply, which was a long-term threat to sustainable growth in the housing market and economy as a whole.
"We're behind the curve when it comes to residential construction," he said.
"Our neighbours in Horowhenua, Manawatū, even Ruapehū and Rangitīkei, are issuing more residential consents per capita than we are.
"Our population is growing, and we're simply not building with that growth in mind. If we don't accelerate our construction, we run the risk of losing the affordability that makes a Whanganui lifestyle so attractive."
To support additional residential development, Whanganui and Partners was working with landowners, council and local businesses to facilitate new residential development areas.
The organisation was also communicating with the Ministry of Social Development and education providers to ensure the right trades training programmes were in place.
