House prices starting to rise but recovery is slow going
House prices are starting to rise as CoreLogic confirms the end of the recent housing market downturn.
Video / NZ Herald ...
Video Player is loading.
Current Time 0:00
/
Duration 0:00
Loaded: 0%
0:00
Stream Type LIVE
Remaining Time -0:00
1x
Chapters
descriptions off, selected
captions settings, opens captions settings dialog
captions off, selected
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
End of dialog window.
This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.
Malachi Subecz's mother cries in court
UP NEXT:
Autoplay in
3
Disable Autoplay
Cancel Video
House prices are starting to rise as CoreLogic confirms the end of the recent housing market downturn.
Video / NZ Herald
NOW PLAYING • House prices starting to rise but recovery is slow going
House prices are starting to rise as CoreLogic confirms the end of the recent housing market downturn.
Video / NZ Herald ...
Hawke’s Bay has hit a two-year high for the number of houses selling across the region which an expert says is partly down to buyers “wanting to make sure they don’t miss out before prices start to lift again”.
A total of 575 homes were sold across the Bay during the last quarter of 2023, according to the latest sale figures released this week by the Real Estate Institute of New Zealand (REINZ).
That is the highest figure since the last quarter of 2021 when over 700 homes sold across the region.
OneRoof editor Owen Vaughan said it had been a “stellar end to the year” for Hawke’s Bay’s property market, as well as other regions across the country.
“Not only were October, November and December good months for the property market - showing confidence and renewed interest in property - but it also highlighted how bad the year previous was with prices on the slide and the market in the middle of a slump,” he said.
“If you look at our OneRoof-Valocity figures, from peak [in late 2021] to trough [in mid-2023], Hawke’s Bay’s average property value dropped around 16 per cent.
He said one factor behind the increase in recent house sales was buyers not wanting to miss out.
“Certainly some of the activity we saw at the end last year was driven by those looking to make a purchase before the market starts to take off again.”
Looking ahead for 2024, he said buyer interest would likely continue to build as more investors return, with changes to some Government legislation, and the potential for interest rates to drop later in the year.
“It is still early days ... but the market is starting to find its feet again and we are seeing more interest from buyers.”
Plenty of homes sold across the Bay during the last quarter of 2023. Pictured is housing in Hastings. Photo / Paul Taylor
REINZ chief executive Jen Baird said “owner-occupiers and first-home buyers were the most active groups” in Hawke’s Bay during December.
“Open home attendance levels picked up, especially for the low-to-mid range of the market,” she said.
“Local sales agents report that market sentiment is strengthening as interest rates have stabilised and there is limited stock available.
“Buyer activity has increased, with many buyers wanting to make sure they don’t miss out before prices start to lift again, and investor activity is increasing as well.”
Median house prices remained fairly steady in Hawke’s Bay during 2023 after large drops in 2022.
The median house sale price for December was $661,000 in the region, compared to $680,000 six months ago, $700,000 a year ago, and $812,000 two years ago.
The number of homes for sale at any given time in the region has fluctuated up and down over the past two years but has increased compared to six months ago.
Gary Hamilton-Irvine is a Hawke’s Bay-based reporter who covers a range of news topics including business, councils, breaking news and cyclone recovery. He formerly worked at News Corp Australia.
