Hawkes Bay Property Market

Introduction

Looking to Invest or buy a property in the Hawke's Bay?

This article breaks down all the most essential facts about the Hawke's Bay property market.

The Hawke's Bay property market is made up of 4 districts and 36 suburbs. These districts are Hastings, Central Hawke's Bay, Napier and Wairoa.

Median Hawke's Bay House Price

Hawke's Bay Median House Price is $545,041

As at May 2020, the median house price in Hawke's Bay is $545,041. This is up from $282,500 10 years earlier. That means that the median Hawke's Bay property increased in value by 6.79% each year, or $26,254 on average.

The most expensive suburb in Hawke's Bay is Eskdale, which has a median house price of $879,100 and is located in Hastings district. That means that Eskdale's median house price is 1.61x Hawke's Bay's median.

The least expensive suburb in Hawke's Bay is Wairoa, which has a median house price of $174,800 and is located in Wairoa district. That means that Wairoa's median house price is 67.93% cheaper than Hawke's Bay's median.

Over the last 20 years (Jan 2000 – Mar 2020), Akina had the fastest-growing house prices in all of Hawke's Bay, at 7.44% per year. That is 5.57% faster than the median Hawke's Bay house price.

The suburb that grew the slowest over that period was Greenmeadows, which grew at a rate of 6.13% per year. That’s 13.01% slower than the median Hawke's Bay house price.

Hawke's Bay House Prices Comparison with NZ

Hawke's Bay House Prices Comparison with NZ

On average, over the last 27 years, Hawke's Bay's median house price has been 78.99% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Hawke's Bay's median house price should trackback to this long term average.

That suggests that when Hawke's Bay's median house price is below its long term average, there is a buying opportunity. When Hawke's Bay's median house price is above its long term average, there are buying opportunities in other regions.

As of Dec 2019, Hawke's Bay's median house price was 85.17% of New Zealand’s median house price. That is 7.82% above its long term ratio, which suggests there is likely buying opportunities outside of the Hawke's Bay region.

Napier Property Market

Napier Property Market

Napier City is made up of 16 suburbs. The most expensive suburb is Poraiti, which has a median house price of $840,800. While the most affordable suburb is Maraenui, which has a median house price of $373,650.

Over the last 20 years of all Napier City suburbs (Jan 2000 – Mar 2020), Maraenui had the fastest-growing house prices, at 7.35% per year. That is 4.39% faster than the median Hawke's Bay house price.

The suburb that grew the slowest over that period was Greenmeadows, which grew at a rate of 6.13% per year. That’s 13.01% slower than the median Hawke's Bay house price.

Hastings Property Market

Hastings Property Market

Hastings District is made up of 16 suburbs. The most expensive suburb is Eskdale, which has a median house price of $879,100. While the most affordable suburb is Flaxmere, which has a median house price of $339,600.

Over the last 20 years of all Hastings District suburbs (Jan 2000 – Mar 2020), Akina had the fastest-growing house prices, at 7.44% per year. That is 5.57% faster than the median Hawke's Bay house price.

The suburb that grew the slowest over that period was Havelock North, which grew at a rate of 7.17% per year. That’s 1.78% faster than the median Hawke's Bay house price.

Central Hawkes Bay Property Market

Central Hawkes Bay Property Market

Central Hawkes Bay is made up of 3 suburbs. The most expensive suburb is Otane, which has a median house price of $441,200. While the most affordable suburb is Waipawa, which has a median house price of $397,650.

Over the last 12 months of all Central Hawke's Bay suburbs (Jan 2000 – Mar 2020), Otane had the fastest-growing house prices, at 13.92% per year. That is 51.17% faster than the median Hawke's Bay house price over the same period.

The suburb that grew the slowest over that period was Waipukurau, which grew at a rate of 10.77% per year. That’s 17.02% faster than the median Hawke's Bay house price.

Wairoa Property Market

Wairoa Property Market

The Wairoa District is made up of 1 suburb, also named Wairoa, which has a median house price of $174,800.

Over the last 17 years, the median Wairoa house value grew by 7.26%, which is 4.85% faster than the median Hawke's Bay house price over the same period.

Other Property Markets

Other Property Markets to Look Into

If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.