Wanted: More housing stock for the Hawke's Bay 2012 market.
That's what our panel of experts say is needed in order for the region to pull out of a four year property market slump which has challenged real estate agents, vendors and sellers.
Tremains Real Estate Principal Simon Tremain, Quotable Value's Hawke's Bay manager Bevan Pickett and Hawke's Bay's Real Estate Institute of New Zealand spokesperson Murray Keane say there are signs of recovery ahead in the market over the next 12 months.
Flexible lending criteria from the banks and low interest rates will work in favour of buyers this year. However, buyers are likely to continue to be prudent and calculated in their choice or properties. Many people are still worried about their long-term job security, which is a major factor in deciding whether to sign up for a mortgage.
Renewed activity at the lower end of the market is likely to continue this year, with buyers picking up homes in Flaxmere, Pirimai and Onekawa, allowing vendors to look at properties higher up the ladder, generating more overall activity in the market.