A home on McHardy St in Havelock North which went for $4.55 million back in March.
A home on McHardy St in Havelock North which went for $4.55 million back in March.
New figures have highlighted the most and least expensive homes sold across Hawke’s Bay for 2022, in what was a wild year for real estate.
Property values have declined across the region, but a sprawling mansion property on Duart Rd in Havelock North bucked the trend when it was soldfor $8.8 million back in May.
It was the most expensive home to sell this year in Hawke’s Bay.
Meanwhile, the cheapest home to sell this year was a doer-upper in Livingstone Rd in the Hastings suburb of Flaxmere, which went for $275,000 in July.
The top five most expensive sales and the top five cheapest sales are listed below and have been supplied by OneRoof-Valocity.
“The value correction experienced in 2022 is the largest since 2010, but has to be seen in context.”
He said it followed a “property boom post-Covid”, with values having soared in 2020 and 2021.
Wilson said with a drop in property values during 2022, negative equity was a concern for some homeowners.
Negative equity effectively means your home is worth less than what is left to pay on your mortgage.
“Negative equity for some buyers may cause worry,” he said.
“The data shows that the homeowners who purchased in late 2021 and early 2022 are more likely to be in a negative equity position now.”
A property on Lane Rd which ranked third on the list of most expensive house sales for Hawke's Bay in 2022.
Despite tough financial pressures, such as rising inflation and high living costs, Wilson said mortgagee sales remained low.
“Mortgagee sales peaked at the end of 2009, just after the Global Financial Crisis, have been in decline since 2012, and currently make up just 0.1 per cent of sales.”
