WHANGANUI PROPERTY MARKET REACHING BUBBLE PROPORTIONS

Updated: May 10

Many listings are selling soon after they hit the market with the pace quickening in 2021


Latest reports from the real estate industry show year on year house prices in Manawatu/Wanganui are up 31.3% for December 2020


While the above statistics do not relate specifically to Whanganui, there is no doubt in the mind of Whanganui Mansions managing director, Steve Baron, that many property listings advertised in his local online real estate magazine are disappearing just an issue or two later.

Steve Baron says that in just a day or two after most local real estate agents drifted back into their offices after the Christmas break, there was a flood of about 15-20 new property listings in only a day or two.


“Already, many of these new listings have already sold and there’s plenty of salespeople around town without any listings to sell right now.”


Baron says, “It’s getting hard to find a reasonable property in a reasonable location for anything less than $400k these days. Properties that were selling for $250k a year or two ago have been renovated and are now back on the market at $400-$500k.”


Whanganui Mansions is published weekly and Baron says, “As soon as we publish an issue, visits to our website shoot up immediately, because buyers want to be first out of the gate to snap up any new listings.”


He says, “Given our growing population and the shortage of houses for sale in Whanganui, I expect this red-hot market to continue for some time yet, but we must be getting somewhere close to the peak of this bubble. It’s becoming very unaffordable to many.”


For people looking to sell their homes, Whanganui Mansions offers a free 8-page report called the ‘14 Golden Rules for Selling Your Home at the Best Possible Price’. The free report can be found at whanganuimansions.co.nz.


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