Both ends of market selling well

By Victoria White, Kim Fulton

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There are strong house sales across the region.
There are strong house sales across the region.

Strong sales across the region continue with houses from both ends of the market in hot demand.

The most expensive house sold in Hawke's Bay last year cost $1.8 million while the cheapest to change hands was $46,500.

In 2015, 40 residential and lifestyle properties were sold over the million dollar mark.

The three most expensive houses in Hawke's Bay were in Havelock North, according to CoreLogic data. One on Chambers St sold for $1.8 million, $150,000 below its capital value (CV).

Another on Black Barn Rd sold for $1.75 million and a house on McHardy St sold for $1.45 million.

NZ Sotheby's International Realty Hawke's Bay managing director Fraser Holland said there had been an increase in significant sales over the past 18 months with 57 properties sold above the million dollar mark - 33 sold by Sotheby's.

He said the holiday period had not slowed sales at all and they had seen significant growth in the million dollar plus price bracket.

An increase of visitors to the Bay was bringing an increase of inquiry and buying activity in the market's upper price bracket.

"People are buying properties and often putting them into rentals for a couple of years, just to get in now ahead of the curve. It definitely is a seller's market at present and looks to continue this way for the near future."

Tremains director Simon Tremain said house prices were increasing across the board. He said he'd seen sales over the $2 million mark recently.

He said the most expensive properties in Hawke's Bay were situated in Havelock North, and the Napier Hill and waterfront areas.

Small rural towns such as Wairoa, Waipawa and Waipukurau offered some of the cheapest.

The first home buyer suburbs were increasing in value as that was where most of the buyers were, said Mr Tremain.

He didn't think a buyer could find a house for under $50,000 in the current market.

- The CoreLogic data refers only to market-level confirmed residential sales. Some big sales may not be included if they are yet to settle.

- Hawkes Bay Today

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