THE ECONOMIC fortunes of Hawke's Bay is something that has been written about a lot in the past five years.
I can remember years ago discussing how we always seemed to be languishing at the bottom of various provincial economic indicators. It was as if our region could simply notcatch a break, despite having many positive things going for it. Sure we had problems, and still do — with real poverty still prevalent in our cities and towns.
But, a few years ago we started to see green economic shoots appearing. It was mainly on the back of a strong apple industry, which has just grown out of sight. But, also we started seeing growth in our housing market.
The first whispers were that it was cashed-up Aucklanders quitting the rat race and coming down for some sun and quality of life. At times the figures did not match the anecdotal tales, but housing growth continued to happen and the stories proved to be true.
The latest statistics from the Real Estate Institute of NZ (REINZ) released yesterday show what an amazing journey it has been. The Bay's house prices are now at record levels, with the median price in the Napier suburb of Ahuriri reaching $710,000 last month — up $250,000 from November 2015.
