Property Market
5 min read
What's happening with Whanganui house prices?
Council area of Manawatu-Wanganui
Author: Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Laine Moger
Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.
What's happening to Whanganui house prices?
The average price of a Whanganui property is $520,393 (CoreLogic, June 2024).
Whanganui house prices are down 3.45% over the last three months (REINZ). And they are 1.67% down over the last 12 months.
Loading...
Quick Facts
- The average price of a Whanganui property is $520,393 (CoreLogic, December 2024)
- Over the last 3 months property prices in Whanganui have gone down 3.45%
- Whanganui property prices increased 6.41% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
- The average rent in Whanganui is $490 per week (Tenancy Services, November 2024)
How are Whanganui property prices changing?
Whanganui house prices soared after the Covid-19 pandemic began. House prices started out 39% below the eventual peak of the market.
However, after that peak in January 2022, house prices fell 19.61% before bottoming out in April 2023.
Today, Whanganui house prices are down 17.16% compared to their peak. That means prices have risen 3.05% since the bottom of the market.
Loading...
Where is Whanganui in its property cycle?
At the absolute bottom of its property cycle, Whanganui was 33.10% undervalued.
Today, property prices in Whanganui are overvalued 20.24%.
That suggests there is a selling opportunity in Whanganui.
Loading...
Whanganui suburb prices
I track the value of 13 suburbs in Whanganui. The most expensive suburb is Otamatea, which has an average house value of $876,100. While the most affordable suburb is Wanganui, which has an average house value of $413,000.
I track the value of just 1 suburb in Whanganui. It's called Wanganui and you can see how the average property value is changing in the graph below.
I track the value of 13 suburbs in Whanganui. The most expensive suburb is Otamatea, which has an average house value of $876,100. While the most affordable suburb is Wanganui, which has an average house value of $413,000.
Over the last 24 months of all Whanganui suburbs (June 2022 - June 2024, Gonville had the fastest-growing house prices. They have gone up 2.10% over that period.
The suburb that fell the fastest over that period was Saint Johns Hill. Property values in this suburb fell by 4.14% over those 2 years.
Loading...
What is the Whanganui rental market like?
Here's how rents are changing in Whanganui. Over the last four years (November 2020 - November 2024) the median rent has gone up $120 a week. That's 7.28% a year (on average).
Over the last 12 months, rents have gone up. They are up 3.16% ($15 a week) year on year.
Loading...
Are properties selling above or below CV in Whanganui?
One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property. So even if the seller hasn't advertised a price, you can get a feel for what the property might sell for.
This table shows whether the average property is selling above or below CV across Manawatu-Wanganui.
Where do house prices grow the fastest in the Whanganui property market?
Where do house prices go up the fastest in Whanganui?
This map lets you find out for yourself.
Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.
The redder the area ... the quicker house prices have grown in that suburb.
Which suburbs in the Whanganui property market have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the Whanganui property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
Other property markets to look into
If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Manawatu-Wanganui property market here.