Napier values rose 14.2% year on year and 2.7% over the past three months. The average value in the city is now $513,670. Hastings values are also continuing to rise up 8.6% year on year although they were up 0.2% over the past three months.
The average value there is now $460,373. The Central Hawkes Bay has also seen values rise 13.4% year on year and 2.8% over the past three months and the average value there is now $324,646.
QV Hawkes Bay Property Consultant Nicola Waldon says: “Entry level properties, those in the range of $300,000 up to $450,000, continue to sell well with plenty of activity from both first home buyers and investors. In saying this, the rate of growth across the Hawkes Bay region is down. We believe this is due to challenges around affordability coupled with the usual winter slowdown.
“As value growth slows, we’re continuing to see challenges around managing sellers’ price expectations and many properties are being re-listed after failing to sell first time around.
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“The demand for rental properties remains high, with competition intense due to a lack of new listings. We’re seeing many examples of properties being let the same day they are first advertised to the market.”
“Over the coming months, we’d anticipate a lift in listing numbers, which have been down over the winter months (seasonal trend). We are likely to see values tracking slowly upward as they have been over the past few months, as we are really seeing no signs of a slowdown - demand is still at a high and out of town buyers moving to the region still making up a large proportion of sales.”
