Hastings District cracks $1 million average property price

The average property price in the Hastings District is over $1 million. Pictured is Havelock North. Photo / Paul Taylor

The average property price in the Hastings District has cracked $1 million despite real estate showing signs of cooling off nationally, a report has revealed.

OneRoof has released its house-price report which looks at real estate data until the end of February.

According to the report, the average property price in Hastings District has reached a record $1,014,000.

The district includes a growing list of sought-after suburbs, rural areas and beachside destinations like Havelock North, Tuki Tuki, Kahuranaki and Waimarama.

The average property value in the district 12 months ago was just $783,000.

Meanwhile, the latest average property value in Napier is $951,000, Central Hawke's Bay is $747,000, and Wairoa is $470,000, according to the report.

Nationally, the report stated house price increases were slowing down.

"The housing market has shifted down a gear, with the latest figures from the OneRoof-Valocity House Value Index showing an easing of house price growth across most regions," the report read.

"The nationwide average property value rose 4 per cent in the three months to the end of February, down from growth of 5.9 per cent in the three months to the end of January."

Real estate figures released last month showed that the number of homes hitting the market in Hawke's Bay was increasing, but the number of homes selling was decreasing.

One real estate expert told Hawke's Bay Today it was not a seller's market anymore but was rather a "balanced" market.

Tougher lending restrictions and higher interest rates have played a part in the changing market.