Housing values continue to sky rocket across Hawke's Bay - going against the national home real estate grain.
According to a QV spokesperson, Napier values have risen by 19.3 per cent year on year and have seen a 4.1 per cent spike over the past three months.
Citing the latest data from the company, the spokesperson says the average value in the city is now $436,454 with values resting at 28.3 per cent above the previous peak of 2007.
“The Hastings market also continues to see strong value growth rising 21.9 per cent year on year and 4.2 per cent over the past three months and the market is now 32.8 per cent higher than 2007.
“The average value there is now $413,801.”
Hawke's Bay QV registered valuer Michelle Drinkrow said overall she was seeing plenty of activity in the the region's market and that while there is still good interest from buyers they were “less frenzied” and taking their time.
“We are continuing to see a lack of listings and there’s also a lack of vacant land available,” she said.
“We understand interest in newly completed residential subdivisions is high and in turn the price of vacant land has been steadily increasing.
“We are continuing to see a lot of out-of-town buyers in the market particularly in the $1 million plus price bracket.”
Drinkrow said at the lower end of the market investors and first home buyers are still fairly active and the loan to value ratio restrictions do not seem to have impacted investor activity that much here.
“There is a lack of rental property available and with demand higher than supply we are seeing rents rising across the region,” she said.
The QV spokesperson said these figures are opposite over what is happening nationally.
“Nationwide annual value growth drops to below 10 per cent which is the slowest rate in two years,” they said.
“The latest monthly QV House Price Index shows nationwide residential property values for May increased 9.7 per cent over the past year which is the slowest annual rate in two years.”
They said values rose by 0.4 per cent over the past three months and the nationwide average value is now $634,018 which is 53.0 per cent above the previous market peak of late 2007.
“When adjusted for inflation the nationwide annual increase drops slightly to 7.4 per cent and values are now 27.8 per cent above the 2007 peak,” said the spokesperson.”
According to the QV figures, residential property values across the Auckland Region increased 9.3 per cent year on year which is the slowest annual rate of growth seen since November 2014.
“Quarterly value growth remains flat, rising just 0.1 per cent over the past three months,” the figures read.
“The average value for the Auckland Region is now $1,044,561 and values are now on average 91.1 per cent higher than the previous peak of 2007.
“When adjusted for inflation values rose 7.0 per cent over the past year and are 44.0 per cent above the 2007 peak.”