Wanganui house prices take a dip | Manawatu-Wanganui News | Local News in Manawatu-Wanganui

Wanganui's average property values have taken a beating in the last quarter, according to the latest QV property index - yet in spite of that, real estate agents hint that buyer interest is picking up. The drop, in the three months ended July, ranks Wanganui 6.8 per cent behind the same period last year and that's the biggest gap across all the country's territorial authorities.

Of the neighbouring territories, South Taranaki prices are languishing 6.2 per cent behind the same quarter in 2010 and Manawatu 5.8 per cent behind.

No percentage details were available for either Rangitikei or Ruapehu regions.

QV.co.nz research director Jonno Ingerson, said provincial centres had seen some variability in values in recent months with some dropping, others rising and others staying flat. "However, values in most provincial towns remain below the same time last year," Mr Ingerson said.

He said matched to other provincial centres, Wanganui was the furthest below the May to July quarter last year with Gisborne next at (-4.6 per cent) then Invercargill (-4.0), Whangarei (-2.7) and Rotorua (-2.9). Hastings (-1.0), Napier (-1.5), New Plymouth (-2.6) and Palmerston North (-1.0) all down slightly on last year.

Tim Hocquard, owner of Ray White Wanganui, said he believed the Wanganui market was seeing some light at the end of the tunnel.

"While we had a lot of fire sales last year, many brought on by mortgagee issues, we are seeing a lot more inquiries in the family home market," Mr Hocquard told the Chronicle.

He said websites especially had their share of browsers, "but these were people simply having a look at the properties and not really interested in buying".

"But we are seeing a lot more genuine inquiry now, because people are asking pertinent questions about the nearest school and how far it was to the central city," Mr Hocquard said. "And our sales staff have never been busier. About six months ago, inquiries on the weekends would have been few and far between, but that's turned around now."

Vendors were now much more realistic with their price expectations, too.

"Some [vendors] have been on and off the market for the last couple of years and there are still a few who want more than the market will accept. But now most of them are recognising what the market is saying," Mr Hocquard said.

Nationally, QV said property values have steadied. Mr Ingerson said values were only 0.4 per cent below the same time last year, and remain 5.2 per cent below the market peak of 2007. "Over the past three months, values have increased in many parts of the country, with particular strength in the Canterbury region and parts of Auckland," he said.

The average nationwide sales price in the last three months is $414,261, up slightly from the $412,746 reported last month.

THE FIGURES

Average sales prices for the three-month period ended July, compared to same period last year:

Wanganui: $190,232 - down 6.8 per cent

South Taranaki: $206,281 - down 6.2 per cent

The average for Rangitikei was $156,186 and Ruapehu $197,608 but QV did not provide any differential for those districts.