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Hawkes Bay bucks housing trend

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  • Hawkes Bay bucks housing trend

    Bay bucks housing trend


    Napier and Hastings property values are bucking the national trend while in the commercial sector, retailers are lining up to enter the two cities.

    Quotable Valuation's (QV) April figures released this week showed values have eased nationally but the Bay cities were among the few regions to record slight rises.

    And despite economic forecasters predicting tough times ahead for retailers, at least three shops in Hastings and four more in Napier are preparing to move into town.

    In property value growth, Hastings recorded an increase of 3.7 per cent and Napier 3.4 per cent in March 2008 but for April both centre recorded 4.

    1 per cent in growth.

    Central Hawke's Bay echoed the national trend however with a drop from 11 per cent to 7.1 per cent in an overall values picture which QV spokesman Blue Hancock said was inevitable after after such a sustained period of growth across the market.

    The national rise for April was 4.9 per cent - down from 6.5 per cent in March, although the average New Zealand sale price remained steady at $388,465.

    The average residential sale price in Napier for April was $342,999 while in Hastings the figure was $307,929.

    ``Over the first three months of 2008 we were beginning to see property values easing back over most areas of New Zealand,' Mr Hancock said.

    ``With property listings still high, buyer demand reducing and the typical slowdown through winter, we would expect this trend to continue and our monthly statistics will likely show declining values in the coming months.'

    In the commercial scene, Smiths Sports Shoes, The Cheesecake Shop and a Thai restaurant will open up in Hastings to fill vacant sites.

    In Napier, surfwear shop Amazon will open its doors and other additions included outdoor clothing shop, MacPac, the CD and DVD Shop as well as expansions to Paper Plus and Caroline Eve.

    Hastings Mayor Lawrence Yule said Hawke's Bay was still in demand from people looking to invest in real estate and commercial business.

    ``I think our property growth has been over a longer period that others.

    ``There are a lot of houses for sale but I've seen a lot of sold signs as well and its still a place people want to live.

    Mr Yule said retail interest in the two cities had been the result of ``direct marketing' to encourage business into town.

    ``We have a fantastic retail mix in Hastings and Napier.'

    "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