Strong growth in Hawke’s Bay

Napier

The drama of the General Election and a long, cold, wet winter, mean we’ve experienced a soft period in the market across most of the country. Sales slumped dramatically this winter – falling almost 25% across the board – yet there were regional markets that bucked the trend.

According to a recent QV report, in the sunny Hawke’s Bay, Napier City was one of the country’s best-performing sales’ markets, hitting an estimated median price of $449,717 in July, up $24,252 or 5.7% on a year earlier. Meanwhile, in Hastings District, prices soared by $70,605 or 20% over the same period, proving it’s a seriously desirable investing location.

There’s significant cause for optimism across Hawke’s Bay with REINZ figures revealing a record-breaking median house price of $400,000 in July – that’s a 25.8% increase from the year before. Sales in the $1 million plus bracket in Hawke’s Bay have doubled, with thirty recorded in the first half of 2017, compared with only 15 in the same period last year.

At least part of this rise across Hawke’s Bay appears to have been fuelled by a general exodus from big cities such as Auckland, and Wellington. Internal migration means buyers are finding their dream lifestyle is still attainable in the provinces where prices are much lower.