Manawatū/Whanganui regional property market insights

According to Trade Me Property data, the average property price in Manawatū/Whanganui in November 2024 was $588,050. This was a slight increase on the month before, but down year-on-year. Month-on-month, property prices in the Manawatū/Whanganui region were up 1.6%, and down 0.4% compared to November 2023.

As well as a slight rise in the price of buying a home in the Manawatū/Whanganui region, there was also an increase in the number of listings on Trade Me Property, providing more choice for buyers. In November 2024, there were 1,891 properties available for sale on Trade Me Property, up from 1,574 the year before.

The average price of renting a home in Manawatū/Whanganui was static month-on-month and year-on-year in Novemer 2024, at $550.

The last few years have shown a steady increase in the number of properties available for rent in the Manawatū/Whanganui region, according to our data. In November 2024, there were 888 rental properties in the region listed on Trade Me Property, an increase from the 732 available in the same period last year.

Among people surveyed in our 2024 Property Pulse survey* who were seeking to buy a home in the Manawatū/Whanganui region:

• 4.7% were currently in the process of buying a home.
• 5.2% were just thinking about buying a property.
• 5.6% were looking to buy a property in the next year.
• 6.2% were looking to buy a property in the next 1-2 years.

Of the respondents who’d ideally buy a property in the Manawatū/Whanganui region, 50.7% believe that now is a good time to buy a property. Would-be buyers in the Manawatū/Whanganui region say they would be most willing to compromise on the size of the section/land in order to stay within their buying budget, compared to a range of five other options including size of garden/outdoor spaces, type of property and property condition.

Interested in how quickly homes change hands in the Manawatū/Whanganui region? Of the respondents looking to sell a home in the Manawatū/Whanganui region:

• 4.6% had owned their current home for more than five years.
• 7.7% had owned their current home for 3-5 years.
• 9.9% had owned their current home for 1-2 years.
• 11.8% had owned their current home for 6-12 months.
• 5.6% had lived in their current home for fewer than 6 months.

Of respondents looking to sell a home in the Manawatū/Whanganui region:

• 7.3% were currently in the process of selling a property.
• 4.6% were just thinking about selling a property.
• 6.3% were looking to sell a property in the next year.
• 5.5% were looking to sell a property in the next 1-2 years.

Named after two mighty bodies of water, the Manawatū and the Whanganui rivers, this region of Te Ika-a-Māui/North Island is home to around 260,900 people, according to the June 2023 census. Covering a geographic area of 22,215 km², the Manawatū/Whanganui has a population density of 12 people per km².

The biggest city in the area is Palmerston North, which was home to 91,800 people at the time of the 2023 census, and there are several districts within this region. They include:

• Horowhenua

• Manawatū

• Palmerston North

• Rangitikei

• Ruapehu

• Tararua

• Whanganui

According to the Manawatū/Whanganui regional council, the region contributes 4% of Aotearoa’s GDP, with sheep and beef farming dominating the local economy. The region is also home to the main campus for one of Aotearoa’s major universities: Te Kunenga ki Pūrehuroa Massey University, which is located in Palmerston North. This city also now hosts several central government departments, making for another employment opportunity.

There are also heaps of great recreational opportunities in the Manawatū/Whanganui region. Notably significant amounts of the land are protected by Aotearoa’s conservation estate. This includes the famous Tongariro National Park, with the nearby Whakapapa Ski and Snowboard Area, as well as Whanganui National Park. So, if outdoor pursuits are your cup of tea, the Manawatū/Whanganui region has plenty to offer.

*Data from Trade Me Property Pulse Survey 2024. 1,572 total responses, 113 responses from the Manawatū/Whanganui Region.