Hawke's Bay's first KiwiBuild houses are located in Maraenui - where property prices have risen 134.6 per cent in five years. Photo / Paul Taylor
Hawke's Bay's first KiwiBuild houses are located in Maraenui - where property prices have risen 134.6 per cent in five years. Photo / Paul Taylor
Average house prices in Napier's Maraenui suburb have risen a massive 134.6 per cent in five years, new data shows.
The CoreLogic 2019 Best of the Best New Zealand report has revealed which suburbs performed the best in 2019 for house sales.
In the last 12 months, Maraenui has seenthe largest average house price increases in Napier, with a 23.9 per cent rise to $342,450 while Flaxmere's 17.3 per cent rise to $313,550 is the highest in Hastings.
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CoreLogic's data for the past five years also shows that in reaching an average price of $342,450 in 2019, prices have risen 134.6 per cent from 2014.
The Napier suburb, which has 879 total dwellings, might have had the biggest increase in average prices but it remains the holder of the title of lowest average in Napier.
Across the Hastings District, Havelock North came in top of the pile for average house price with a median price of $748,000, ahead of Haumoana ($609,650) and Clive ($603,550).
Throughout Napier City, an average house price of $804,800 sees Poraiti take top spot in front of Bluff Hill ($772,500) and Westshore ($763,050).
The report, which analyses suburbs across a variety of measures to determine property market performance, showed that Taradale (258) had the most sales in the previous 12 months in Napier City, while in the Hastings District 369 sales sees Havelock North take top spot.
CoreLogic Senior Property Economist Kelvin Davidson said it has been "another strong year for property in Hawke's Bay, with stock of available listings low and demand still solid."
Hastings' top sale of the year occurred on August 22, when 59 Busby Hill in Havelock North sold for $4.76 million, while Napier's most expensive house purchase came in at a tie.
Both 14 Charles St, sold on July 30, and 8 Elizabeth Rd, sold on November 7, both were purchased for $2.4m.
On the other end of the scale, 840 Waikoau Rd, Hastings, took home the prize for the cheapest property when it was sold for $70k on November 12.
In Napier, 10/335 Kennedy Rd was purchased for $128,510 on October 14.
Tremains Hawke's Bay sales manager Stuart Christensen said first-time buyers are being priced out of the major suburbs and towards areas like Maraenui. Photo / Supplied
Tremains Hawke's Bay sales manager Stuart Christensen said first-time buyers are being priced out of the major suburbs and towards areas like Maraenui.
"There's no doubt about the prices in Maraenui have had a massive climb, as well as the sale volume increasing," he said. "It is basically due to the market, supply and demand.
"Because the market has gone up so dramatically in the last few years, the first time buyers that are capped at a level have been pushed out of other suburbs they might have wanted to buy in. They have to go into areas like Maraenui to be able to purchase their own home.
He added: "There is no doubt that the increase has certainly been noticed over there."
Christensen said that Maraenui is not the only suburb to see an increase however, with Taradale and Parklands exceeding expectations in recent years.
"Over the last three years, most suburbs across Hawkes Bay have had a huge increase," he said. "It fluctuates month to month on where shoots up, but it doesn't matter where you're buying today; every suburb has increased.
"Similar to Maraenui, lots of people are buying in Central Hawke's Bay because it is an opportunity to get something they wouldn't be able to afford in town. They just go a little further afield."
Christensen added: "As far as the other suburbs go, you cannot pick a suburb of Hawke's Bay and say that it isn't going well."
