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Manawatu-Whanganui's median house price is $525,000

Manawatu-Whanganui house prices

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As at February 2024, the median house price in Manawatu-Whanganui is $525,000. This is up from $215,000 10 years earlier. That means that the median Manawatu-Whanganui property increased in value by 9.34% each year, or $31,000 on average.

The most expensive suburb in Manawatu-Whanganui is Aokautere, which has a median house price of $1,024,500 and is located in the Palmerston North City district. That means that Aokautere's median house price is 195% of Manawatu-Whanganui’s median.

The least expensive suburb in Manawatu-Whanganui is Manunui, which has a median house price of $322,350 and is located in the Ruapehu District district. That means that Manunui's median house price is 61% of Manawatu-Whanganui’s median.

Over the last 24 months (Mar 2022 - Mar 2024), Taumarunui had the fastest-growing house prices in all of Manawatu-Whanganui, at -3% per year.

The suburb that grew the slowest over that period was Marton, which grew at a rate of -11% per year.

NZ Property Market Update: February 2024

Manawatu-Whanganui's house price is 7.91% above its long term average

Is Manawatu-Wanganui over or undervalued?

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Manawatu-Whanganui house prices look relatively expensive compared to where we'd expect them to be.

In the above graph, when the purple line is below the baseline (black line), Manawatu-Whanganui's house values are undervalued. This suggests there is a buying opportunity in the region.

When Manawatu-Whanganui’s house values are above the baseline, other regions have buying opportunities.

How is this calculated? Click on the accordions below to find out.

Where do house prices grow the fastest in the Palmerston North property market?

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 Palmerston North suburbs have the highest yields?

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Palmerston North property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

Where do house prices grow the fastest in the Whanganui property market

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 Whanganui suburbs 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.

Where are the most affordable properties in Manawatu-Whanganui?

The map below depicts which districts within the Manawatu-Whanganui Region have the most and least affordable house prices (REINZ, February 2024).

The darker the district, the more expensive the median house price for that area.

The Palmerston North City is the most expensive district within the Manawatu-Whanganui Region, with properties reaching a median price of $635,000 in February 2024.

By comparison, the Ruapehu District is the most affordable, with a median house price of just $335,000. That's a $300,000 difference compared to Palmerston North City.

Where are house prices most over and undervalued within the Manawatu-Whanganui region?

Which part of Manawatu-Whanganui gets the highest population growth?

The map below illustrates the projected population growth for each district within the Manawatu-Whanganui Region over the next 25 years (2023 - 2048).

The darker the district, the more the population is predicted to expand in that area.

Over this period, Horowhenua district is expected to see the most growth of all the council areas within the region. 12.00% in total.

By contrast, Ruapehu district is expected to shrink by -9.34% over the same timeframe.

How are Manawatu-Whanganui's house prices changing right now?

Manawatu-Wanganui's capital growth rate

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The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as ‘capital growth’.

So does this show how the property market is going right now?

Yes and no.

It shows how expensive properties are today compared to 12 months ago.

While this will give us a good sense of how property values have changed, it’s not the only thing to consider.

You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.

What is the median rent in Manawatu-Whanganui?

Manawatu-Wanganui's median rent

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The above graph shows the median rent within a given month.

The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website.

Their data is based on all the rental bonds lodged by private landlords within the month.

What is the annual increase in rents in Manawatu-Whanganui?

Manawatu-Wanganui's annual increase in rents

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This graph shows the annual growth in median rents.

The data also comes from the Ministry of Business Innovation and Employment (MBIE).

How many listings are currently available in Manawatu-Whanganui?

Manawatu-Wanganui's current listings (Housing stock)

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This graph shows current property listings, with data sourced from realestate.co.nz.

It shows the number of listings that are currently available on the website per month.

You might be wondering: “How do the number of listings impact house prices?”

If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.

This leads to less competition and softer house prices.

On the other hand, if there aren’t many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).

This makes people more competitive and more likely to bid up house prices.

How many properties are sold per year in Manawatu-Whanganui?

Manawatu-Wanganui – Number of properties sold per year

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The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 – August 2023.

The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.

You might be wondering: “How does the volume of sales impact house prices?”

They don’t impact house prices on their own. But a high number of sales represents a hot property market.

That’s because there are a lot of people out there buying property.

That’s why when sales volumes are high, property prices typically increase at the same time.

When property sales are falling, typically, property prices are also soft.

Palmerston North City suburb prices

Palmerston North City

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Palmerston North City is made up of 16 suburbs. The most expensive suburb is Aokautere, which has an average house value of $1,024,500. While the most affordable suburb is Westbrook, which has an average house value of $495,400.

Over the last 24 months of all the Palmerston North City suburbs (Mar 2022 - Mar 2024), Ashhurst had the fastest-growing house prices at -6.74% per year.

The suburb that grew the slowest over that period was Westbrook, which grew at a rate of -8.34% per year.

Whanganui District suburb prices

Whanganui

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Whanganui District is made up of 13 suburbs. The most expensive suburb is Otamatea, which has an average house value of $870,950. While the most affordable suburb is Wanganui, which has an average house value of $388,300.

Over the last 24 months of all the Whanganui District suburbs (Mar 2022 - Mar 2024), Putiki had the fastest-growing house prices at -3.80% per year.

The suburb that grew the slowest over that period was Wanganui, which grew at a rate of -10.02% per year.

Rangitikei District suburb prices

Rangitikei

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Rangitikei District is made up of 4 suburbs. The most expensive suburb is Bulls, which has an average house value of $505,450. While the most affordable suburb is Hunterville, which has an average house value of $401,400.

Over the last 24 months of all the Rangitikei District suburbs (Mar 2022 - Mar 2024), Bulls had the fastest-growing house prices at -5.66% per year.

The suburb that grew the slowest over that period was Marton, which grew at a rate of -10.65% per year.

Manawatu District suburb prices

Manawatu

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Manawatu District is made up of 7 suburbs. The most expensive suburb is Halcombe, which has an average house value of $680,000. While the most affordable suburb is Himatangi Beach, which has an average house value of $526,900.

Over the last 24 months of all the Manawatu District suburbs (Mar 2022 - Mar 2024), Rongotea had the fastest-growing house prices at -5.93% per year.

The suburb that grew the slowest over that period was Himatangi Beach, which grew at a rate of -6.75% per year.

Horowhenua District suburb prices

Horowhenua

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Horowhenua District is made up of 10 suburbs. The most expensive suburb is Ohau, which has an average house value of $923,900. While the most affordable suburb is Shannon, which has an average house value of $456,500.

Over the last 24 months of all the Horowhenua District suburbs (Mar 2022 - Mar 2024), Tokomaru had the fastest-growing house prices at -5.96% per year.

The suburb that grew the slowest over that period was Waitarere Beach, which grew at a rate of -10.55% per year.

Tararua District suburb prices

Tararua

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Tararua District is made up of 4 suburbs. The most expensive suburb is Pahiatua, which has an average house value of $438,200. While the most affordable suburb is Eketahuna, which has an average house value of $380,350.

Over the last 24 months of all the Tararua District suburbs (Mar 2022 - Mar 2024), Eketahuna had the fastest-growing house prices at -6.24% per year.

The suburb that grew the slowest over that period was Pahiatua, which grew at a rate of -7.75% per year.

Ruapehu District suburb prices

Ruapehu

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Ruapehu District is made up of 6 suburbs. The most expensive suburb is Ohakune, which has an average house value of $457,100. While the most affordable suburb is Manunui, which has an average house value of $322,350.

Over the last 24 months of all the Ruapehu District suburbs (Mar 2022 - Mar 2024), Taumarunui had the fastest-growing house prices at -2.80% per year.

The suburb that grew the slowest over that period was Ohakune, which grew at a rate of -8.24% per year.

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.

Write your questions or thoughts in the comments section below.

Opes Partners
Ed solo

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.

Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.

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