Property Market

7 min read

How is Hawke's Bay property market going?

Ed solo

Author: Ed McKnight

Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Reviewed by: Laine Moger

Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.

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Hawke's Bay's median house price is $675,000

Hawke's Bay house prices

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As at February 2024, the median house price in Hawke's Bay is $675,000. This is up from $315,000 10 years earlier. That means that the median Hawke's Bay property increased in value by 7.92% each year, or $36,000 on average.

The most expensive suburb in Hawke's Bay is Jervoistown, which has a median house price of $1,167,650 and is located in the Napier City district. That means that Jervoistown's median house price is 173% of Hawke's Bay’s median.

The least expensive suburb in Hawke's Bay is Maraenui, which has a median house price of $487,100 and is located in the Napier City district. That means that Maraenui's median house price is 72% of Hawke's Bay’s median.

Over the last 24 months (Mar 2022 - Mar 2024), Otane had the fastest-growing house prices in all of Hawke's Bay, at -4% per year.

The suburb that grew the slowest over that period was Bluff Hill, which grew at a rate of -11% per year.

NZ Property Market Update: February 2024

Hawke's Bay's house price is 8.80% above its long term average

Is Hawke's Bay over or undervalued?

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Hawke's Bay house prices look relatively expensive compared to where we'd expect them to be.

In the above graph, when the purple line is below the baseline (black line), Hawke's Bay's house values are undervalued. This suggests there is a buying opportunity in the region.

When Hawke's Bay’s house values are above the baseline, other regions have buying opportunities.

How is this calculated? Click on the accordions below to find out.

What will happen to Hawke's Bay house prices after the floods?

Where do house prices grow the fastest in the Napier and Hastings property market?

This map lets you find out for yourself.

Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.

The redder the area ... the quicker house prices have grown in that suburb.

Which Napier and Hastings suburbs have the highest yields?

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Napier and Hastings property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

Where are the most affordable properties in Hawke's Bay?

The map below depicts which districts within the Hawke's Bay Region have the most and least affordable house prices (REINZ, February 2024).

The darker the district, the more expensive the median house price for that area.

The Hastings District is the most expensive district within the Hawke's Bay Region, with properties reaching a median price of $729,000 in February 2024.

By comparison, the Wairoa District is the most affordable, with a median house price of just $400,000. That's a $329,000 difference compared to Hastings District.

Where are house prices most over and undervalued within the Hawke's Bay region?

This map shows a breakdown of how over or under-valued each council area is right now in the Hawke's Bay property market. These figures are calculated exactly the same way as the HPI based graph in the above section.

Central Hawke's Bay District appears to be the most overvalued area in Hawke's Bay. House prices there are about 29.16% above where we would usually expect them to be over the long term.

Napier City, on the other hand, appears to be the least overvalued in Hawke's Bay. House prices in this district appear to be 1.87% above where we would expect them to be.

This means that we've got greater confidence that Napier City house prices will increase faster over the next 5-10 years compared to Central Hawke's Bay District.

Which part of Hawkes Bay gets the highest population growth?

The map below illustrates the projected population growth for each district within the Hawkes Bay Region over the next 25 years (2023 - 2048).

The darker the district, the more the population is predicted to expand in that area.

Over this period, Hastings district is expected to see the most growth of all the council areas within the region. 16.32% in total.

By contrast, Wairoa district is expected to grow by 4.08% over the same timeframe.

Napier City suburb prices

Napier City's median house price

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Napier City is made up of 16 suburbs. The most expensive suburb is Jervoistown, which has an average house value of $1,167,650. While the most affordable suburb is Maraenui, which has an average house value of $487,100.

Over the last 24 months of all the Napier City suburbs (Mar 2022 - Mar 2024), Jervoistown had the fastest-growing house prices at -5.15% per year.

The suburb that grew the slowest over that period was Bluff Hill, which grew at a rate of -11.17% per year.

Hastings District suburb prices

Hastings median house price

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Hastings District is made up of 17 suburbs. The most expensive suburb is Havelock North, which has an average house value of $1,070,700. While the most affordable suburb is Flaxmere, which has an average house value of $494,500.

Over the last 24 months of all the Hastings District suburbs (Mar 2022 - Mar 2024), Flaxmere had the fastest-growing house prices at -4.85% per year.

The suburb that grew the slowest over that period was Clive, which grew at a rate of -8.32% per year.

Central Hawke's Bay District suburb prices

Central Hawkes Bay's median house price

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Central Hawke's Bay District is made up of 3 suburbs. The most expensive suburb is Otane, which has an average house value of $656,950. While the most affordable suburb is Waipawa, which has an average house value of $578,950.

Over the last 24 months of all the Central Hawke's Bay District suburbs (Mar 2022 - Mar 2024), Otane had the fastest-growing house prices at -3.78% per year.

The suburb that grew the slowest over that period was Waipukurau, which grew at a rate of -4.11% per year.

Wairoa District suburb prices

Wairoa's median house price

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Wairoa District is made up of 2 suburbs. It is a small district and often there are too few property sales to calculate an accurate average value for each suburb. Because of this, there are often gaps in the above graph. This is normal for a small district.

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.

Opes Partners
Ed solo

Ed McKnight

Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.

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