Wanganui looking better and better - 24/06/2011

Wanganui is looking very attractive for people choosing a new place to live and base their families with recent figures showing Wanganui is the most affordable place for home owners in New Zealand.

The Roost Home Affordability survey published monthly considers the affordability of home loans for the typical buyer, by comparing the median house price and median income, then calculating the percentage of one median income needed to pay the mortgage.

In May 2011, the national home affordability index was 51.3% of one median income, but in Wanganui this was 24.1%. This compares with 40.8% in Palmerston North and 43.9% in Hastings.

The median house price in Wanganui is $140,000, compared with a national median price of $350,000. Wanganui’s median income is $673.08 compared to the national average of $791.91.

A look at properties for sale in Wanganui shows there are still excellent opportunities to purchase a good quality house while prices remain reasonable.

Wanganui’s Mayor Annette Main says, “Our central location, river and surrounding natural areas, combined with a wealth of educational and cultural opportunities, have traditionally attracted many people looking for a relaxed and fulfilling way of life.

“The early rollout of ultrafast broadband into our urban areas before the end of the year adds a new dimension to our attractiveness as a place to do business and live.

“This survey underlines just how affordable life here can be. A mortgage is usually the largest monthly commitment from our income, so the chance for people to find a good place to live, combined with an affordable mortgage, is very attractive

“Wanganui has also been identified as one of the most attractive places to buy a home instead of renting, as recent data from www.interest.co.nz shows it is also cheaper to buy a house here than to rent.

“People are still finding that the larger main centres are too expensive to buy a house. That’s not the case yet in Wanganui.”

Further information about the Roost Home Affordability Survey can be found at www.roost.co.nz.