A Havelock North house has broken the record for the highest sale price for a residential property in Hawke's Bay.
New Zealand Sotheby's International Realty made the residential sale, "in excess" of $4 million, in August.
Managing director central region Fraser Holland said it was the highest sale price a residential property in Hawke's Bay had sold for, with the exact price confidential.
Holland would not confirm which house it was but Hawke's Bay Today understands it is 59 Busby Hill, which sold on August 22.
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The sales pitch for it said the five bedroom 550 square metre property sits on top of the hill and is set among almost 1.4 acres of mature garden, trees and manicured lawns.
Originally designed and built in 1908, the house was rebuilt over a three-year period from 2013 from the ground up. It has a RV of $3 million and sold for $1.1 million in 2012.
"The prior record was a Bluff Hill property sold by our agency in 2018," Holland said.
As a whole the Hawke's Bay property market also remained fairly positive, and "pretty well balanced overall," Holland said.
"A shortage of listings on the market across the price spectrum sees demand from buyers outstripping supply.
Inside 59 Busby Hill is a wealth of high-end design touches. Photo / Supplied
"The advent of spring is seeing our team appraise a number of new properties, time will tell if we see the normal increase in listings at this time of year."
Property sales above the $2m property mark still form a very small percentage of the total market, he said.
"Predominantly at this level the properties are lifestyle in nature, a beautiful home with a small amount of surrounding land.
Between January and August seven properties sold for more than $2 million in the Hastings and Napier area. The purchasers are both locals and out-of-towners.
"Locals better understand and appreciate the prime Napier or Havelock North positions within a suburb.
"Out of towners are attracted by the lifestyle of the province, good value quality properties, great schooling, the climate and outdoor activities on hand
"Time is precious and Aucklanders in particular find they have more free time living in the Bay - the ease of getting around is highly valued."
The Hawke's Bay property market also bucked the nationwide trend with the number of $1 million-plus properties being sold in Hawke's Bay spiking in the first half of this year.
The number of properties sold in Hawke's Bay increased by 47.4 per cent from 38 sales in the first half of 2018 to 56 in the first half of 2019.
- Hawke's Bay Today
