Key Facts

  • The Hawke’s Bay region is leading in property price growth, with average prices increasing by 4.1% to $771,600 in October.
  • Hastings experienced a significant increase in prices, surging by seven per cent to $788,300.
  • Despite these increases, the market has yet to reach the record highs of 2022.
  • Auckland remains the most expensive region, with an average asking price of over a million dollars, even after a year-on-year decline of 8.1%.
  • The West Coast, on the other hand, is the most affordable region for homebuyers, with a 7.3% increase to $469,900. This region has been consistently recording year-on-year increases for the past five months.

Article Summary

In the month of October, the Hawke’s Bay region displayed higher property price growth compared to other regions. Average asking prices rose by 4.1% to amount to $771,600. Among all the areas in Hawke’s Bay, Hastings stood out with a remarkable seven per cent price rise to $788,300. However, Napier still leads as the priciest area within the region, despite a modest rise of 2.6% with prices averaging at $821.350.

Notwithstanding these positive trends, the overall property market has not recovered to achieve the apex prices seen in 2022. While the average asking price has been escalating on a monthly basis, it still falls short of the record highs.

Auckland, despite witnessing a drop of 8.1% on a yearly basis, continues to be the most costly region in the motu. The average asking price in Auckland still exceeds a million dollars, landing at $1,054,800. Whereas, the West Coast remains the most viable option for homebuyers seeking affordability. Despite a 7.3% rise, prices average at $469,900, making it the cheapest amongst all regions. Interestingly, this region has maintained a trend of year-on-year increases for the previous five consecutive months.

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