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Home / New Zealand

Hawke’s Bay real estate: Two-year high for house sales after ‘stellar end’ to 2023

By Gary Hamilton-Irvine
Multimedia journalist·Hawkes Bay Today·
18 Jan, 2024 01:47 AM4 mins to read

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Plenty of homes sold across the Bay during the last quarter of 2023. Pictured is housing in Hastings. Photo / Paul Taylor
Plenty of homes sold across the Bay during the last quarter of 2023. Pictured is housing in Hastings. Photo / Paul Taylor

Plenty of homes sold across the Bay during the last quarter of 2023. Pictured is housing in Hastings. Photo / Paul Taylor

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.

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“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.

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“It has come back since the trough, around about 3 per cent.

“So we are seeing good momentum in the market.”

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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
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.

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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.

Number of house sales by month in Hawke’s Bay

Dec 2023 - 189

Nov 2023 - 195

Oct 2023 - 191

Sep 2023 - 174

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Aug 2023 - 175

Jul 2023 - 173

Jun 2023 - 179

May 2023 - 193

Apr 2023 - 151

Mar 2023 - 175

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Feb 2023 - 118

Jan 2023 - 106

Dec 2022 - 148

Nov 2022 - 184

Oct 2022 - 167

Sep 2022 - 166

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Aug 2022 - 185

Jul 2022 - 180

Jun 2022 - 128

May 2022 - 193

Apr 2022 - 129

Mar 2022 - 175

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Feb 2022 - 171

Jan 2022 - 124

Dec 2021 - 214

Nov 2021 - 260

Oct 2021 - 241

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.

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