Hawke’s Bay a stand-out performer in latest house price data
Napier values rose 11.3% over the past year and by 4.3% over the past three months. The average value in the city is now $538,635.
Hastings values are also continuing to rise up 11.2% year on year and 10.8% over the past three months. The average value there is now $504,553.
Central Hawke’s Bay continues to build on a strong annual growth figure of 19.6%.
Nationwide, residential property values have increased steadily over the past year by 2.9% and by 0.9% in the three months to January. The nationwide average value is now $684,468.
QV Property Consultant Nicola Waldon said there continued to be an influx of out of town buyers – particularly from Auckland – heading to Hawke’s Bay, which is helping keep up demand in the region.
"We’re also seeing plenty of demand from developers, who are looking to purchase and renovate property, with a view to selling on at a decent profit," she said.
"Overall, low levels of supply coupled with low interest rates continue to support strong value growth. We’re seeing that well-presented properties are selling quickly once they enter the market, which reflects how busy the market currently is.
"The Hastings market is still very busy, particularly with first home buyers seeking property in the lower-valued suburbs such as Flaxmere, Camberley, Mahora, Mayfair and Akina."
Meanwhile, residential property value growth across the Auckland Region decreased by 0.9% year on year and by 0.1% over the past quarter. The average value for the Auckland Region is now $1,045,775.
