Aussie buyers hunting homes | Manawatu-Wanganui News | Local News in Manawatu-Wanganui

Wanganui's real estate market could be given a significant cash injection, with several overseas investors on the prowl.

At least two real estate agencies confirmed yesterday that investors were back in the game and inquiring about local residential property.

Steve Ellis, who heads LJ Hooker in Wanganui, said a number of investors were looking at getting back into Wanganui's property market.

"That interest always kicks things along," he said.

Jamie Doble, principal of The Professionals-Coull Battell Ltd, said a group of Australian investors were in the city appraising the property market and it was residential rather than commercial investments that were on their radar.

"They're just looking at residential investments and nothing else, as far as we're aware. But that's got to be good for our market and we're happy to see them here," Mr Doble said.

Wanganui's fickle real estate market has hauled itself out of the doldrums, with October sales indicating the district was back on track.

The median price may have slipped from September to October but realty companies in Wanganui said things were in much better shape.

Real Estate NZ said the Wanganui-Manawatu region was one of a few where the market was "strongly favouring" the sellers.

One of the reasons would have to be the considerable drop in the median sale price from September to October. In Wanganui, that plunged $24,000 from $183,000 in September to $159,000 in October.

Mr Ellis said there had been good sales racked up in October and, although sales remained buoyant for the start of November, there was a predictable easing in the market as Christmas loomed.

"But there are still a lot of buyers out there and they're keen to find bargains."

He said another pleasing feature was the amount of long-term residential stock that was moving as well.

"The point is that good houses and good prices are selling, and selling fairly quickly," Mr Ellis said.

Mr Doble said that while October had been a very good month, November had tended to be "very average". But, again, there were still good inquiries coming for properties and his company had 20 contracts on its books that were ready to move.

Mr Doble said the market remained one where the buyers continued to look for good deals and those properties priced realistically were the ones that were going the quickest.

REINZ statistics show 77 homes sold in the Wanganui district in October, 15 more than September.

That figure is well ahead of October last year, when just 28 sales went unconditional, but still a long way short of October 2007, when 107 properties sold at a median price of $175,000.

Most of the sales were recorded in the city (60), with other sales coming from Waverley (1), Raetihi-Ohakune-Taihape (4), Rangitikei (9) and Wanganui country (3).