How is Hawke's Bay property market going?

Hawke's Bay's median house price is $700,000

As at September 2024, the median house price in Hawke's Bay is $700,000. This is up from $275,000 10 years earlier. That means that the median Hawke's Bay property increased in value by 9.79% each year, or $42,500 on average.

The most expensive suburb in Hawke's Bay is Poraiti, which has a median house price of $1,115,000 and is located in the Napier City district. That means that Poraiti's median house price is 159% of Hawke's Bay’s median.

The least expensive suburb in Hawke's Bay is Flaxmere, which has a median house price of $489,600 and is located in the Hastings District district. That means that Flaxmere's median house price is 70% of Hawke's Bay’s median.

Over the last 24 months (Sep 2022 - Sep 2024), Camberley had the fastest-growing house prices in all of Hawke's Bay, at -1% per year.

The suburb that grew the slowest over that period was Bluff Hill, which grew at a rate of -8% per year.

Hawke's Bay's house price is 8.09% above its long term average

Hawke's Bay house prices look relatively expensive compared to where we'd expect them to be.

In the above graph, when the purple line is below the baseline (black line), Hawke's Bay's house values are undervalued. This suggests there is a buying opportunity in the region.

When Hawke's Bay’s house values are above the baseline, other regions have buying opportunities.

How is this calculated? Click on the accordions below to find out.

This map lets you find out for yourself.

Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.

The redder the area ... the quicker house prices have grown in that suburb.

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Napier and Hastings property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

The map below depicts which districts within the Hawke's Bay Region have the most and least affordable house prices (REINZ, September 2024).

The darker the district, the more expensive the median house price for that area.

The Napier City is the most expensive district within the Hawke's Bay Region, with properties reaching a median price of $725,000 in September 2024.

By comparison, the Wairoa District is the most affordable, with a median house price of just $156,500. That's a $568,500 difference compared to Napier City.

This map shows a breakdown of how over or under-valued each council area is right now in the Hawke's Bay property market. These figures are calculated exactly the same way as the HPI based graph in the above section.

Central Hawke's Bay District appears to be the most overvalued area in Hawke's Bay. House prices there are about 28.51% above where we would usually expect them to be over the long term.

Napier City, on the other hand, appears to be the least overvalued in Hawke's Bay. House prices in this district appear to be 0.58% above where we would expect them to be.

This means that we've got greater confidence that Napier City house prices will increase faster over the next 5-10 years compared to Central Hawke's Bay District.

The map below illustrates the projected population growth for each district within the Hawkes Bay Region over the next 25 years (2023 - 2048).

The darker the district, the more the population is predicted to expand in that area.

Over this period, Hastings district is expected to see the most growth of all the council areas within the region. 16.32% in total.

By contrast, Wairoa district is expected to grow by 4.08% over the same timeframe.

Napier City is made up of 16 suburbs. The most expensive suburb is Poraiti, which has an average house value of $1,115,000. While the most affordable suburb is Maraenui, which has an average house value of $500,850.

Over the last 24 months of all the Napier City suburbs (Sep 2022 - Sep 2024), Pirimai had the fastest-growing house prices at -3.34% per year.

The suburb that grew the slowest over that period was Bluff Hill, which grew at a rate of -8.49% per year.

Hastings District is made up of 17 suburbs. The most expensive suburb is Eskdale, which has an average house value of $1,110,900. While the most affordable suburb is Flaxmere, which has an average house value of $489,600.

Over the last 24 months of all the Hastings District suburbs (Sep 2022 - Sep 2024), Camberley had the fastest-growing house prices at -0.94% per year.

The suburb that grew the slowest over that period was Mahora, which grew at a rate of -5.42% per year.

Central Hawke's Bay District is made up of 3 suburbs. The most expensive suburb is Otane, which has an average house value of $643,250. While the most affordable suburb is Waipawa, which has an average house value of $568,300.

Over the last 24 months of all the Central Hawke's Bay District suburbs (Sep 2022 - Sep 2024), Waipawa had the fastest-growing house prices at -4.74% per year.

The suburb that grew the slowest over that period was Otane, which grew at a rate of -6.84% per year.

Wairoa District is made up of 2 suburbs. It is a small district and often there are too few property sales to calculate an accurate average value for each suburb. Because of this, there are often gaps in the above graph. This is normal for a small district.