QV figures show modest price lift

By Patrick O'Sullivan

QV's real estate Residential Price Index for November shows a more subdued picture of the Hawke's Bay real estate market than Monday's Reinz figures.

QV figures, which are averaged over three months, show a lift in Napier's house prices compared to the same time last year of 1.1 per cent.

In Hastings there was an increase of 2 per cent.

QV valuer Bevan Pickett said values in both Napier and Hastings had shown little movement for a sustained period.

"The Hawke's Bay property market continued to be stable yet subdued for another month. Well presented and realistically priced properties are attracting a good market response, however there is a lack of these available."

Napier values were on average 7.4 per cent below the market peak of December 2007. Hastings values were on average 6.9 per cent below the market peak of April 2008.

QV's average November value for Napier was $316,256, Hastings $292,469, Central Hawke's Bay $210,976 and Tararua $151,098.

Reinz's figures for reported sales in November showed a continued increase in sales volume.

Industry commentators have said recent Bay house sales had been mainly at the lower end of the market, accounting for average prices remaining subdued. However sales were increasing in all parts of the market, which would lift the average sales price.

- Hawkes Bay Today

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