Manawatu-Whanganui Property Market

Introduction

Looking to Invest or buy a property in Manawatu-Whanganui?

This article breaks down all the most essential facts about the Manawatu-Whanganui property market.

The Manawatu-Whanganui property market is made up of 7 districts and 58 suburbs. These districts are Ruapehu, Whanganui, Horowhenua, Palmerston North City, Manawatu, Rangitikei and Tararua.

Median Manawatu-Whanganui House Price

Manawatu-Whanganui's Median House Price is $415,000

As at May 2020, the median house price in Manawatu-Whanganui is $415,000. This is up from $217,000 10 years earlier. That means that the median Manawatu-Whanganui property increased in value by 6.70% each year, or $19,800 on average.

The most expensive suburb in Manawatu-Whanganui is Aukautere, which has a median house price of $735,800 and is located in Palmerston North City district. That means that Aukautere's median house price is 1.77x Manawatu-Whanganui's median.

The least expensive suburb in Manawatu-Whanganui is Raetihi, which has a median house price of $188,650 and is located in Ruapehu district. That means that Raetihi's median house price is 54.54% cheaper than Manawatu-Whanganui's median.

Over the last 20 years (Jan 2000 – Mar 2020), Foxton Beach had the fastest-growing house prices in all of Manawatu-Whanganui, at 8.92% per year. That is 17.78% faster than the median Manawatu-Whanganui house price.

The suburb that grew the slowest over that period was Fitzherbert, which grew at a rate of 5.12% per year. That’s 32.44% slower than the median Manawatu-Whanganui house price.

Manawatu-Whanganui House Prices Comparison with NZ

Manawatu-Whanganui House Prices Comparison with NZ

On average, over the last 27 years, Manawatu-Whanganui's median house price has been 61.3% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Manawatu-Whanganui's median house price should trackback to this long term average.

That suggests that when Manawatu-Whanganui's median house price is below its long term average, there is a buying opportunity. When Manawatu-Whanganui's median house price is above its long term average, there are buying opportunities in other regions.

As of Dec 2019, Manawatu-Whanganui's median house price was 65.48% of New Zealand’s median house price. That is 6.82% above its long term ratio, which suggests there is likely buying opportunities outside of the Manawatu-Whanganui region.

Palmerston North Property Market

Palmerston North Property Market

Palmerston North is made up of 17 suburbs. The most expensive suburb is Aokautere, which has a median house price of $735,800. While the most affordable suburb is Westbrook, which has a median house price of $382,800.

Over the last 20 years of all Palmerston North suburbs (Jan 2000 – Mar 2020), Feilding had the fastest-growing house prices, at 7.22% per year. That is 4.75% slower than the median Manawatu-Whanganui house price.

The suburb that grew the slowest over that period was Fitzherbert, which grew at a rate of 5.12% per year. That’s 32.44% slower than the median Manawatu-Whanganui house price.

Whanganui Property Market

Whanganui Property Market

Whanganui is made up of 14 suburbs. The most expensive suburb is Otamatea, which has a median house price of $590,900. While the most affordable suburb is Castlecliff, which has a median house price of $272,250.

Over the last 20 years of all Whanganui suburbs (Jan 2000 – Mar 2020), Castlecliff had the fastest-growing house prices, at 8.07% per year. That is 6.59% faster than the median Manawatu-Whanganui house price.

The suburb that grew the slowest over that period was Springvale, which grew at a rate of 6.08% per year. That’s 19.77% slower than the median Manawatu-Whanganui house price.

Horowhenua Property Market

Horowhenua Property Market

Horowhenua is made up of 10 suburbs. The most expensive suburb is Ohau, which has a median house price of $640,900. While the most affordable suburb is Foxton, which has a median house price of $324,450.

Over the last 20 years of all Horowhenua suburbs (Jan 2000 – Mar 2020), Foxton Beach had the fastest-growing house prices, at 8.92% per year. That is 17.78% faster than the median Manawatu-Whanganui house price.

The suburb that grew the slowest over that period was Levin, which grew at a rate of 7.13% per year. That’s 5.85% slower than the median Manawatu-Whanganui house price.

Rangitikei Property Market

Rangitikei Property Market

Rangitikei District is made up of 4 suburbs. The most expensive suburb is Bulls, which has a median house price of $336,650. While the most affordable suburb is Taihape, which has a median house price of $226,900.

Over the last 19.5 years of all Rangitikei District suburbs (Oct 2000 – Mar 2020), Marton had the fastest-growing house prices, at 7.83% per year. That is 3.97% faster than the median Manawatu-Whanganui house price over that period.

The suburb that grew the slowest over that period was Bulls, which grew at a rate of 7.15% per year. That’s 5.08% slower than the median Manawatu-Whanganui house price over the same period.

Ruapehu Property Market

Ruapehu Property Market

Ruapehu District is made up of 5 suburbs. The most expensive suburb is Ohakune, which has a median house price of $371,100. While the most affordable suburb is Raetihi, which has a median house price of $188,650.

Over the last 12 months of all Ruapehu District suburbs (Mar 2019 – Mar 2020), Raetihi had the fastest-growing house prices, at 31.97%. That is 12.73% faster than the median Manawatu-Whanganui house price over that period.

The suburb that grew the slowest over that period was Ohakune, which grew at a rate of 25.65% per year. That’s 9.56% slower than the median Manawatu-Whanganui house price over the same period.

Tararua Property Market

Tararua Property Market

Tararua District is made up of 4 suburbs. The most expensive suburb is Pahiatua, which has a median house price of $288,000. While the most affordable suburb is Eketahuna, which has a median house price of $256,300.

Over the last 20 years of all Tararua District suburbs (Jan 2000 – Mar 2020), Pahiatua had the fastest-growing house prices, at 7.39% per year. That is 2.48% slower than the median Manawatu-Whanganui house price over that period.

The suburb that grew the slowest over that period was Dannevirke, which grew at a rate of 6.90% per year. That’s 8.90% slower than the median Manawatu-Whanganui house price over the same period.

Manawatu Property Market

Manawatu Property Market

Manawatu District is made up of 4 suburbs. The most expensive suburb is Rongotea, which has a median house price of $421,900. While the most affordable suburb is Sanson, which has a median house price of $369,050.

Over the last year of all Manawatu District suburbs (Mar 2019 – Mar 2020), Sanson had the fastest-growing house prices, at 20.55% per year. That is 27.55% slower than the median Manawatu-Whanganui house price over that period.

The suburb that grew the slowest over that period was Halcombe, which grew at a rate of 17.15% per year. That’s 39.51% slower than the median Manawatu-Whanganui house price over the same period.

Other Property Markets

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 Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.