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HB house prices still edging up

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  • HB house prices still edging up

    HB house prices still edging up

    Napier continues to have the highest average house-sale price in Hawke's Bay but Wairoa has shown the highest percentage growth in property values.

    The average Napier house price climbed by 14.8 percent to $306,911 in the year ending August 2005. This was slightly up on the 12 months to July, which saw prices rise by 14.4 percent.

    Hastings prices are still climbing, rising by 21 percent in the year ending August, 2005, making the average Hastings house price $258,515.

    In the 12 months to July, the price had risen 18.7 percent. In Wairoa, where the average house price is now $107,731, the growth in property prices increased by 33.

    2 percent in the year to August, compared with 36.8 percent, in the year ending July, 2005.
    The price growth is slowing in Central Hawke's Bay where it dropped 2 percent to 17.2 percent. The average house there will set you back $154,203.

    Quotable Value New Zealand spokesman Blue Hancock said there were still several provincial areas including Wanganui (42.9 percent) and New Plymouth (35.5 percent) where values were growing at increasing rates.

    "The continued growth in property values is a reflection of a market that is remaining buoyant," Mr Hancock said.

    "All the pundit's predictions (that the growth would tail off) just aren't happening. A very strong economy is just propping it up and keeping it going."

    He said rising petrol prices, and election uncertainty, were not reflected in the latest figures but may show up in next month's results, but just how much the market would be effected would be crystal-ball gazing.

    The statistics indicate the residential property market is still on the rise, as residential property values grew by 14.7 percent for the 12 months to August, up from 14.3 percent annual growth to July, property values were now growing in every area of the country.

    Most main urban areas are also doing well, with residential properties in Hamilton increasing in value by 25.4 percent annually, a substantial increase from 15.9 percent growth reported in January. Dunedin recorded 21.2 percent growth, while residential properties in both Christchurch (19.5 percent) and Wellington (10.5 percent) grew at their highest recorded levels since QV began reporting the new monthly statistics in January.

    The trends in the Auckland market are consistent with those reported last month, as residential properties in Auckland City grew in value by 4.4 percent, outdone by surrounding areas Papakura (14.1 percent), Manukau (12 percent) and North Shore (11.8 percent).
    News source:

    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx