The Wairoa township has recorded strong house prices. Photo / NZME
The Wairoa township has recorded strong house prices. Photo / NZME
The Wairoa district has bucked the trend of stalling house prices and recorded the biggest percentage jump in house values across the country during the first quarter of 2022, according to a new report.
OneRoof-Valocity has released its latest real estate report which includes data from house sales in themonth of March.
It highlighted that while house prices were stalling and even falling in some areas of New Zealand, the region which recorded the biggest percentage increase in house values for the first quarter of 2022 was the Wairoa district, in northern Hawke's Bay.
Its average house price rose about 18 per cent in three months according to the report.
The Wairoa district includes the township of Wairoa and the highly-sought-after beachside destination of Mahia, and the overall district now has an average residential property value of $489,000, according to the report.
"Wairoa, in Hawke's Bay, was the country's best performing territorial local authority over the last three months, with its average property value up 18.7 per cent to $489,000," the report read.
The sought-after township of Mahia. Photo / Paul Taylor
"Wairoa also registered the biggest value growth month on month - a jump of 4.04 per cent [for the month of March]."
During the first quarter of 2022, the wider Wairoa township's average house price rose from $314,000 to $362,000 (about 15 per cent) and in Mahia the average house price rose from $733,000 to $856,000 (about 17 per cent).
The average property price in Hawke's Bay is now $934,000, according to OneRoof.
Comparatively, the Real Estate Institute of New Zealand (REINZ) has reported a median average house price of $812,000 for Hawke's Bay, in its most recent report.
The REINZ report uses median average house prices rather than mean average house prices.
February to April are traditionally strong months for property sales across Hawke's Bay but there has been some big changes in the market this year.
For example, just 168 homes sold in Hawke's Bay during February which was the lowest February month for house sales since 2011 (when 164 homes sold).
The total number of homes sold during March have yet to be released for the region.
Factors which have had a big impact on the real estate market, and less houses selling in Hawke's Bay this year, include tougher restrictions to borrow money and higher interest rates.
That has stopped many people including first-home buyers from being able to buy.
A real estate agent recently told Hawke's Bay Today with the rise of Omicron people were also feeling more unsure about the future and were more cautious about their spending.
Hawke's Bay average house prices at end of March (according to OneRoof): Wairoa: $489,000 Hastings: $1,012,000 Napier: $950,000 Central Hawke's Bay: $759,000 All of Hawke's Bay: $934,000
