A staggering 36 suburbs now have an average house price over $1 million in the region - a figure which has nearly tripled in the space of a year.
A year ago there were just 13 suburbs in the $1 million club.
It comes as a leading financial advisor encourages people trying to break into the booming housing market: "don't give up".
New data from OneRoof has highlighted the alarming growth in average property values in Hawke's Bay during the year to September 2021.
The data shows 23 suburbs with an average property value below $1 million in September 2020 have now cracked the $1 million mark.
That includes suburbs such as Hospital Hill ($1,064,000 average property value), Bluff Hill ($1,121,000), Te Awanga ($1,119,000), Havelock North ($1,256,000), and Pakipaki ($1,086,000).
During the past 12 months, property values rose by 32.5 per cent in Hawke's Bay.
The data shows 36 out of 75 suburbs in the wider Ahuriri-Heretaunga region are now in the $1 million club.
Property Brokers regional manager Joe Snee said he was surprised by the rapid rise in house prices during the past 12 months.
"It grew 30 per cent the year before," he said. "You would have thought, this time last year, that you would have been a brave man to bet it would go up by that amount again."
He said there were many factors that could have contributed to the booming growth.
"There is low interest rates at the bank, there is people taking their money out of the bank, there is people moving into the region, there is a lack of supply ... there is a whole raft of factors."
He said he had noticed an interesting trend in more recent months.
"The manic [number of offers] has sort of come out of the market," he said.
"Instead of doing 10 offers on every house there is two of three. There is still lots of demand but the frenzy has definitely slowed."
He said another interesting trend in recent months was more demand in higher-end houses compared with first-home buyer properties.
"What we are finding is a lot of homes in that first-home buyer bracket - $500,000 to $650,000 - are actually sticking a bit longer on the market," he said.
"The higher-end of houses are the ones that are moving."
Stewart Group CEO and financial advisor Nick Stewart said there was still hope for people wanting to enter the booming housing market.
"Don't give up. Have a goal and have a plan on how to achieve it."
He said the first step to take was seeking some financial advice and coming up with a plan. He said included choosing an affordable suburb to buy a house.
"People should seek advice and seek advice from someone who is impartial."