The average house value in Hawke’s Bay increased from $782,000 in May to $787,000 in August – an increase of about 0.5 per cent, according to OneRoof-Valocity. Photo / NZME
The average house value in Hawke’s Bay increased from $782,000 in May to $787,000 in August – an increase of about 0.5 per cent, according to OneRoof-Valocity. Photo / NZME
Post-cyclone property prices in Hawke’s Bay could be on the way back up, according to new data.
While house values have been dropping across the region and country since late 2021, figures from the latest OneRoof-Valocity study suggest that trend has stabilised and is beginning to turn for some regionsincluding Hawke’s Bay, Gisborne, Auckland and Canterbury.
According to the figures, the average house value in Hawke’s Bay increased from $782,000 in May to $787,000 in August – an increase of about 0.5 per cent.
It was the first time the region has recorded a three-month increase in house values since April 2022, according to the data.
Valocity estimates house values using its own valuation system. It takes into consideration recent sale data for a given area, size and attributes of a property, and a range of other data.
“The market having plunged so much after the storm is starting to recalibrate.”
He said there was “a shortage of available stock” nationally in terms of fewer homes for sale compared with a year ago, which was driving a lift in house values in some regions.
Another real estate group, the Real Estate Institute of New Zealand (REINZ), releases monthly house sale data.
That figure is different from One-Roof Valocity’s average house value for Hawke’s Bay ($787,000), as One-Roof Valocity takes into consideration values for all homes in the region not just those that have sold.
