Property Market
5 min read
What's happening with Central Hawke's Bay house prices?
Council area of Hawke's Bay
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.
What's happening to Central Hawke's Bay house prices?
The average price of a Central Hawke's Bay property is $570,288 (CoreLogic, June 2024).
Central Hawke's Bay house prices are up 0.88% over the last three months (REINZ). And they are 2.25% up over the last 12 months.
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Quick Facts
- The average price of a Central Hawke's Bay property is $570,288 (CoreLogic, August 2024)
- Over the last 3 months property prices in Central Hawke's Bay have gone up 0.88%
- Central Hawke's Bay property prices increased 7.04% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Central Hawke's Bay is $490 per week (Tenancy Services, April 2024)
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.
However, after that peak in February 2022, house prices fell 22.50% before bottoming out in May 2023.
Today, Central Hawke's Bay house prices are down 19.62% compared to their peak. That means prices have risen 3.71% since the bottom of the market.
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Where is Central Hawke's Bay in its property cycle?
At the absolute bottom of its property cycle, Central Hawke's Bay was 32.61% undervalued.
Today, property prices in Central Hawke's Bay are overvalued 28.03%.
That suggests there is a selling opportunity in Central Hawke's Bay.
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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 $643,250. While the most affordable suburb is Waipawa, which has an average house value of $568,300.
I track the value of just 1 suburb in Central Hawke's Bay. It's called Waipawa and you can see how the average property value is changing in the graph below.
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 $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 Central Hawke's Bay suburbs (June 2022 - June 2024, Waipawa had the slowest-falling house prices. They have gone down -9.26% over that period.
The suburb that fell the fastest over that period was Otane. Property values in this suburb fell by 13.22% 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 12 months, rents have gone up. They are up 4.26% ($20 a week) year on year.
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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)?”
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property. So even if the seller hasn't advertised a price, you can get a feel for what the property might sell for.
This table shows whether the average property is selling above or below CV across Hawke's Bay.
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.