What's happening with Central Hawke's Bay house prices?

Council area of Hawke's Bay

Explore Central Hawke's Bay's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs

Author: Ed McKnight

Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Reviewed by: Laine Moger

Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.

Last Updated: 24 Apr 2025

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What's happening to Central Hawke's Bay house prices?

The average price of a Central Hawke's Bay property is $561,135 (CoreLogic, February 2025).

Quick Facts

The average price of a Central Hawke's Bay property is $561,135 (CoreLogic, March 2025)
Over the last 3 months property prices in Central Hawke's Bay have gone up 3.35%
Central Hawke's Bay property prices increased 6.17% per year (on average) in the 20 years between March 2005 - March 2025 (REINZ)
The average rent in Central Hawke's Bay is $525 per week (Tenancy Services, February 2025)

How are Central Hawke's Bay property prices changing?

Central Hawke's Bay house prices soared after the Covid-19 pandemic began. House prices started out 42% below the eventual peak of the market.

Where is Central Hawke's Bay in its property cycle?

At the absolute bottom of its property cycle, Central Hawke's Bay was 32.95% undervalued.

Central Hawke's Bay suburb prices

I track the value of 3 suburbs in Central Hawke's Bay. The most expensive suburb is Otane, which has an average house value of $616,650. While the most affordable suburb is Waipawa, which has an average house value of $544,900.

Over the last 24 months of all Central Hawke's Bay suburbs (February 2023 - February 2025, Waipawa had the slowest-falling house prices. They have gone down -5.64% over that period.

The suburb that fell the fastest over that period was Otane. Property values in this suburb fell by 10.06% over those 2 years.

What is the Central Hawke's Bay rental market like?

Here's how rents are changing in Central Hawke's Bay. Over the last four years (February 2021 - February 2025) the median rent has gone up $155 a week. That's 9.14% a year (on average).

Are properties selling above or below CV in Central Hawke's Bay?

One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”

Other property markets to look into

If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Hawke's Bay property market here.