Wanganui house prices tumble

Wanganui East Photo/File

House prices have dipped again in Wanganui, but could improve once the election is out of the way.

Latest Real Estate Institute of New Zealand (REINZ) figures show the median Wanganui house price in August fell $14,500 year-on-year to $152,500.

Local property sales for the month remained consistent at 41 compared with the same time last year.

Property Brokers Wanganui branch manager Philip Kubiak said local sales had been steady, but low value properties had caused the median price to dip.

"There have been low value sales in the city over the last six to 12 months, and there's been a steady stream of mortgagee sales. People have got themselves into trouble for one reason or another."

Housing New Zealand's divestment scheme for first-home buyers had also helped drag the median price down.

The number of houses sold nationally in August fell 16.3 per cent compared with the same time last year to 5481, which was down 7 per cent from June. August's national median price of $420,000 was up $30,000 on the previous August.