Bay static as values elsewhere increase

The Hawke's Bay residential house market has not reflected the national increase in values, according to the January figures from valuers QV.

House values in Hastings now sit 0.4 per cent above the same time last year and 7.9 per cent below the 2007 market peak.

Values in Napier have been relatively stable for the past few months and are now 0.5 per cent above the same time last year and 7.2 per cent below the 2007 market peak.

Values in Central Hawke's Bay were 1.2 per cent less than the same time last year.

Nationally values have risen 1.1 per cent over the past three months and are now 2.7 per cent above the same time last year, and 3.3 per cent below the previous market peak of late 2007.

QV Hawke's Bay manager Bevan Pickett said the Hawke's Bay market was showing a low level of activity.

"Although low, most of the activity within the Hawke's Bay is in the entry level bracket," he said.

"There also remains a clear gap between the expectations of vendors and what purchasers are prepared to pay.

"There is still an element of financial pressure with many vendors, and mortgagee sales are not uncommon".

The average sale price in Napier over the past three months was $332,123, Hastings $311,777 and Central Hawke's Bay $232,174.

Nelson differs from all provincial centres across the country by being only 0.3 per cent below the previous market peak.

This is in stark contrast to Gisborne which is 22.3 per cent below.