Hawkes Bay Today
  • Hawke's Bay Today home
  • Latest news
  • Sport
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Sport
  • Business
  • Opinion
  • Lifestyle
  • Property
    • All Property
    • Residential property listings
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology

Locations

  • Napier
  • Hastings
  • Havelock North
  • Central Hawke's Bay
  • Tararua

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • Napier
  • Hastings
  • Dannevirke
  • Gisborne

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Hawkes Bay Today

House price gains boost for local economy

By Patrick O'Sullivan
Hawkes Bay Today·
18 Dec, 2015 07:40 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

RISING TIDE: Clive is one of the region's top-performing suburbs for overall increases in house value. PHOTO/FILE

RISING TIDE: Clive is one of the region's top-performing suburbs for overall increases in house value. PHOTO/FILE

Hawke's Bay homeowners have enjoyed an increase in wealth over the year that will flow into the local economy, says Tremain Real Estate director Cam Ward.

Positive growth can be seen in most parts of Napier, Hastings, Central Hawke's Bay and Dannevirke.

"There has been a rise in median house prices so the average homeowner receives a capital gain, which is incredibly positive," said Mr Ward.

"People are feeling confident and on the back of low interest rates it gives confidence to the regional economy.

"There is confidence to move up the property ladder - there are first-home buyers coming in through KiwiSaver and opening up the market at that end, and people who were first-home buyers are moving up the property ladder to the next level."

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Aucklanders were arriving but buying houses at the top end of the market, he said.

Bayleys Hawke's Bay sold $23 million worth of top-end property last month.

A Craggy Range Rd lifestyle property sold above its $4.32 million rateable value and other Hastings sales included Tukituki Rd for $1.6 million, Te Mata Rd for $900,000, 8ha of land and buildings on Lawn Rd for $710,000, and a Havelock North Durham Drive property sold above $1.43 million during the last fortnight.

Advertisement
Advertise with NZME.

Property Brokers Hawke's Bay manager Paul Whitaker said from a sample of 1000 listings this year, sales were up 27 per cent on 2014.

The surge in activity is not just limited to residential. In the rural and commercial sector, right throughout the region, there is a lot more confidence and activity.

Leaders real estate agency managing director Elanor MacDonald said 2015 saw the first price increases above pre-global financial crisis levels.

The time it took to sell a house had fallen, multiple offers were common and prices were up, she said.

Discover more

House prices push up rents

21 Dec 04:00 AM

Platform draws criticism

21 Dec 01:20 AM

Valuer Andrew White of My Valuer said most areas had "taken off" following a "hyped-up Auckland market".

"Hawke's Bay has seen an influx of out-of-town buyers, putting pressure on local home buyers and investors, and resulting in the market turning from what was a buyers' market in 2014 to being 100 per cent in favour of the seller," he said.

"There is a clear shortage of listings, resulting in high demand/short supply trend.

"While 2013-14 saw low to negative growth, 2015 has seen growth in the five to 10 per cent range across the region - other than Wairoa which hasn't seen any growth for the period."

The Napier median price went from $320,500 last year to $347,000 in 2015. Hastings went from $246,000 in 2014 to $271,000 in 2015.

"The greatest interest has been in the $250,000 to $400,000 price bracket, and the greatest growth has been seen in the suburbs where homes are predominantly within this range.

Advertisement
Advertise with NZME.

"We are starting to see this flow on to the $400,000-plus bracket."

He said Clive was a top-performing suburb with an 18.4 per cent median sale price increase.

A cumulative year-on-year decline in Bay View prices was a correction from past increases in the lifestyle locality.

In Ahuriri, leasehold apartment sales at the beginning of the year dampened the median price.

The Napier City Council's Parklands development saw a median price rise of 7.9 per cent, to levels not seen before.

A greater number of Marewa sales in the $150,000 to $250,000 range had resulted in a median-price decrease.

Advertisement
Advertise with NZME.

Taradale saw the most Napier sales this year with 244 sales occurring to date.

In the Hastings suburb of St Leonards, a large number of cross-leased unit sales pulled the median house price down.

"Frimley and St Leonards are the only two Hastings suburbs to show decreases as they are both mixed suburbs, with medium to high-end housing stock.

"Mahora has shown the greatest gain with an increase of 16.7 per cent while also being one of the more active suburbs in Hastings."

Mr White said the coastal settlements of Haumoana and Te Awanga had very good growth of 13.5 per cent on the back of a decline last year.

Havelock North recorded the greatest number of Hastings sales this year with 279, the bulk above $500,000.

Advertisement
Advertise with NZME.

Mr Whitaker predicted a buoyant 2016.

"I think we'll see a similar increase next year. Interest rates will stay low so there is going to be an increased confidence for a longer time-frame, which is good for market confidence. I think we will see this trend continuing."

Save

    Share this article

Latest from Property

Premium
Hawkes Bay Today

Two more Hawke’s Bay farms sold to overseas buyers for forestry

04 May 06:00 PM
Business

House prices down in most regions in year to March

14 Apr 10:09 PM
Premium
Business

$135m distributed last year by iwi to members

27 Mar 11:00 PM

Jono and Ben brew up a tea-fuelled adventure in Sri Lanka

sponsored
Advertisement
Advertise with NZME.

Latest from Property

Premium
Two more Hawke’s Bay farms sold to overseas buyers for forestry

Two more Hawke’s Bay farms sold to overseas buyers for forestry

04 May 06:00 PM

Three CHB farms have sold in quick succession to overseas buyers for forestry conversion.

House prices down in most regions in year to March

House prices down in most regions in year to March

14 Apr 10:09 PM
Premium
$135m distributed last year by iwi to members

$135m distributed last year by iwi to members

27 Mar 11:00 PM
Daughter ‘slightly horrified’ after mum buys ex-brothel

Daughter ‘slightly horrified’ after mum buys ex-brothel

27 Mar 05:45 AM
Help for those helping hardest-hit
sponsored

Help for those helping hardest-hit

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Hawke's Bay Today e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Hawke's Bay Today
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Hawke's Bay Today
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • NZME Events
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • © Copyright 2025 NZME Publishing Limited
TOP