Janey and Mandela Sene with their kids Cedric, 4, and 10-month-old Feta Laiga, have been looking for a family home for four months and had seven offers turned down. Photo / Paul Taylor
Janey and Mandela Sene with their kids Cedric, 4, and 10-month-old Feta Laiga, have been looking for a family home for four months and had seven offers turned down. Photo / Paul Taylor
With housing stock at an all-time-low, 2021 looks set to be another challenging year for home buyers in Hawke's Bay.
After four months of rejected offers and searching, Janey Sene and her husband have had "no luck" finding a first home for them and their two young boys.
They hopedto buy a three-bedroom home in Maraenui as it was their "best bet" for finding a house within the $425,000 range in Napier.
Having put in offers on seven homes already, she said it was discouraging.
"There was one home in Maraenui that had 11 offers. And another with 16.
The first home grant from Kainga Ora they had received, which was subject to a $400,000 cap on older homes, has been extended until March.
But the process had raised the question of whether they'd need to look at buying in another area or stay put in their rental.
Despite this, Sene was keeping a positive mindset.
"The right house will come to us," she said.
New data from realestate.co.nz shows the number of properties for sale in the region has decreased 45.3 per cent, down from 371 houses on the market in December 2019 to 203 in December last year.
The number of new listings was also down 20.1 per cent, with 183 new homes for sale.
Asking prices in the Hawke's Bay continue to sit around the mid-$600,000 mark, a significant increase on prices last year. Photo / Warren Buckland
Meanwhile average asking prices continue to rise, up 13.4 per cent over the same period with most homes in Hawke's Bay now selling for an average of $639,471.
Tremains central region general manager Stuart Christensen said this made it a hard market for buyers, but a good market for sellers.
"If a property goes to the market today, it's not a question of if it's going to sell but for how much."
He said it would be rare for houses to receive only one offer in this market.
Covid-19 had added to existing issues in the housing market, he said.
Travel restrictions had seen those with extra income exploring options to upgrade their homes or invest in other property, as well as the return of Kiwis living abroad with "money in the bank".
"There's no sign of it slowing down.
"People just seem to want to put their roots down."
Demand in Hawke's Bay was a mixture of people already living in the region and moving from other parts of the country, having realised they could work remotely, he said.
Nationwide there were 29.1 per cent less homes available in December 2020 compared to December 2019. Photo / Warren Buckland
While the amount needed to enter the property market depended on a variety of factors including the location and quality of house, he said $650,000 would give buyers options.
"It will definitely get you into the market but not all suburbs."
Christensen said those already on the property ladder would need to sell before they could buy but this could be a stressful situation.
"If you're wanting to buy, do it now. Don't wait.
"It's never going to be cheaper."
He said the region could see new properties come onto the market in the New Year as people returned from holiday or started new jobs.
