Hawke's Bay house prices continue to rise

Hawke's Bay's property market is going from strength to strength, with days to sell reducing, and median prices rising.

The latest real estate data from REINZ revealed the median house price in Hawke's Bay rose $45,000, to $320,000 last month, compared to August 2015, with prices rising 21 per cent in Napier, 20 per cent in Hastings and 5 per cent in Dannevirke.

Compared to July this year the median price rose $10,000 with prices rising 7 per cent in Hastings, 5 per cent in Dannevirke and 2 per cent in Napier. On a seasonally adjusted basis the median price fell 2 per cent compared to July.

Sales volumes in Hawke's Bay rose by 7 compared to July, with sales rising 30 per cent in Hastings and 21 per cent in Hawke's Bay Country, but falling across the rest of the region.

Compared to August 2015 sales volumes rose 2 per cent, with sales rising 127 per cent in Dannevirke, 30 per cent in Hastings and 21 per cent in Hawke's Bay Country. On a seasonally adjusted basis sales for August fell 3 per cent compared to July.

The median days to sell for Hawke's Bay improved by two days compared to July, from 31 days in July to 29 days in August. The number of days to sell improved by 14 days compared to August 2015.

The region has less than 12 weeks of supply available, a drop of 31 per cent over the past 12 months.

REINZ spokesman Bryan Thomson said demand remained strong across the Hawke's Bay region with first home buyers and investors active in the market.

"The supply of properties for sale remains restricted with less than 12 weeks supply available."

The national median price dropped by nearly 3 per cent to $492,000 from $505,000 last month.