Median Hawke's Bay house price at record high for the third time this year

The Hawke's Bay property market has hit yet another record-breaking high: house prices have increased by $50,000.

Latest sales figures from the Real Estate Institute show the region's median house price is now $470,000 - up 11.9 per cent on the same time last year and a 2.2 per cent increase from last month's record of $460,000.

It is the third time in the year a median price record has been surpassed.

Real Estate Institute of NZ (REINZ) chief executive Bindi Norwell said the figures showed the Hawke's Bay market "continues to be buoyant".

"We expect this trend to continue, with strong buyer inquiry and confident vendors over the coming months."

Within Hawke's Bay, both Hastings and Central Hawke's Bay recorded record median prices. The average house price in CHB is now $355,000 - up from last November's $340,000. However, most significant is the jump from October, which recorded $285,000.

The average price in Hastings is $461,000, $51,000 up on the same time last year. In Napier, prices rose $31,000. Napier's new median is $499,000, down on last month's $510,000.

The region was among six around the country to achieve a record price during November.

"In fact, prices rose annually in 14 out of 16 regions around the country – the only exceptions were Auckland (-1.5 per cent) and Canterbury (-3.3 per cent). Of those 14 regions experiencing annual increases, seven of them saw double digit increases showing the strength of the market."

Norwell said they had also seen an "uplift in the number of appraisals".

"New listings went up 10.3 per cent, creating room for a greater number of sold houses at the end of the month, up 20.5 per cent compared to October and up 9.7 per cent year-on-year.

"With the market this active, all aspects of it have experienced a general uplift and it will probably continue until the Christmas slowdown," Norwell added.

Tremains Hawke's Bay sales manager Stuart Christensen said it indicated a "good confidence in the market," but there was still potential for "good growth into the area".

"Also, we are still seeing people indicate on the back of their purchase that they are moving from outside of Hawke's Bay and seeing Hawke's Bay as a great place not only to bring up a family, but also establish themselves in a beautiful area."

Christensen said there had also been good strength right through, from first-home buyers, aided by historic low interest rates.