Napier and Hastings show contrasting house price numbers but local experts still see strong continuing growth

TTe Awa ranked among the highest value changes in New Zealand outside of Auckland over the quarter sitting at $635,000 with a quarterly change of 5.4 per cent. Photo / Paul Taylor

Property prices in Hawke's Bay seems to be a tale of two cities between Napier and Hastings.

And according to property hub OneRoof's latest report they are both telling very different stories.

According to the report, median values in Napier continue to follow a steady but slow increase with a few suburbs soaring past the rest, while Hastings has slowed with some suburbs dropping.

Over the three months ending February 2020, Napier saw its median value sitting at $525,000 - an increase of 1.9 per cent - with suburbs such as Te Awa ranking among the highest value changes in New Zealand outside of Auckland.

Te Awa's median rose to $635,000 - a quarterly change of 5.4 per cent.

Napier South saw much the same change with a 5.2 per cent increase to a median value now sitting at $505,000.

Hastings' median value did not move, sitting at $515,000.

The region's suburbs have also felt the effect with Frimley and Camberley recording drops in median values.

Camberley slipped 3.4 per cent from $295,000 to $285,000, while Frimley recorded New Zealand's highest decrease outside of Auckland of 6.7 per cent dropping from $595,000 to $555,000.

Tremains Hawke's Bay sales manager Stuart Christensen said that Te Awa had been something of a growing, popular region for people moving to Hawke's Bay. Photo / File

Tremains Hawke's Bay sales manager Stuart Christensen said that Te Awa had been something of a growing, popular region for people moving to Hawke's Bay.

"The new development there is something that is bringing a lot of interest from many buyers and with the added attraction of decent sized sections, being close to Napier and the coast it is a very interesting region for people."

Low stock numbers could have caused Hastings' suburb decreases - there was still demand for homes, particularly from first home buyers.

OneRoof Graphic

OneRoof Editor Owen Vaughan said that despite the difference, both Napier and Hastings are still seeing strong interest from buyers and continue to attract a range of them to the region.

"The majority of sales are still transacting within the $400,000 - $500,000 price bracket resulting in strong demand among both first home buyers and investors, who represented 23.8 per cent (Napier) and 18.98 per cent (Hastings) of new mortgage registrations respectively."