Although many other markets have remained more or less static throughout the country, during the first quarter of 2018, certain suburbs in Hawke’s Bay recorded impressive growth in median values.
Maraenui, in Napier, rose 11 percent in the three months to March 31, gaining 15.1 percent over the previous year. Located 4km from the centre of town, this residential enclave is close to the coast and is home to Maraenui Park. It’s popular with first-home buyers.
The next best performer was Marewa, also in Napier. It too is a short distance from town, and boasts many art deco style dwellings, built after the 1931 earthquake. It enjoys plenty of amenities, including three parks and the median value here rose 7.8 percent in the first quarter and 17.8 percent, annually.
Also winning was Napier South, very close to central Napier, and a popular spot for families. It was up by 6.7 percent in the three months to March 31 and a very respectable 17.7 percent year-on-year.
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Situated 10 minutes from Napier’s main industrial area, Pirimai is another family-friendly suburb with large sections and good, solid houses. The median value rose by 4.8 percent in the first three months of this year, while values annually were up by 12.6 percent.
Akina, in Hastings, is the last in the top five Hawke’s Bay medians for this quarter – up 4.6 percent. It’s right next to Hastings CBD and has access to myriad amenities, including parks and shops. In the year to March 31, the median value rose by 13.6 percent.
Fraser Holland, from Sotheby’s Hawkes Bay, says he’s not surprised to see Maraenui doing well, given that the market is in “full-steam” across Hawke’s Bay.
He also sees Marewa’s appeal.
“This is a suburb that’s moved well into the mid-market, close to the city,” he says.
“Napier South has a lot going for it with wide, leafy streets. We’ve noticed a lot of renovation and refurbishment happening there and some record prices achieved.”
While some suburbs in Hawke’s Bay recorded impressive growth, a number found their median values trending down or only enjoying modest rises Flaxmere, which is about 8 kilometres from Hastings central, is a well-serviced area, with lots of safe cul-de-sacs for families and plenty of parks. It dropped 1.1 percent in the first quarter of 2018, but had a rise of 10.1 percent annually.
Meanwhile, Saint Leonards, also in Hastings, only saw a small increase in the three months to March 31 – up 1.2 percent. Close to the centre of town it has a wonderful park and is well-served for schools and other community facilities. Year-on-year, values rose by 14.2 percent.
Still in Hastings, Mahora recorded a rise of 1.7 percent in the first quarter. A residential area with quality, character housing it was up by 14.5 percent in the year to March 31.
Parkvale, 2km from Hastings CBD, is another area that’s perennially popular with families. It has a strong community heart and enjoys ample amenities and facilities. Its median value rose by 1.8 percent in the first three months of 2018, and by 14.4 percent year-on-year.
The last of the slower performers was traditionally popular Raureka, in Hastings. Centrally located, it still enjoys a semi-rural lifestyle. and is home to Hawkes Bay horse racing centre. It’s ideal for family living and median value here was up by 2 percent and 13.2 percent annually.
Kaye Harrison, from Ray White, says there is a levelling-out, taking place around Hastings, which is leading to rising medians in Central Hawke’s Bay, where homes are more affordable.
‘We’re not getting the outrageously high sale prices in and around Hastings that we were getting and that’s partly because first-home buyers aren’t quite able to get in.
“They’re always needed to kick-start the market, then the second-home buyers come in, and the cycle continues.”
Harrison says she doesn’t expect prices to go down, but to stay stable for the next 6 years, or so.
