Dannevirke house prices show big rise

Nigel Jackson from Property Brokers, right, said Dannevirke's rock-star real estate market in March was because of the higher value sales. Photo / File

Latest residential property prices for Dannevirke show something of a "rock star" housing market, which is being reflected in the number of buyers around.

Real Estate Institute of New Zealand (REINZ) data for Dannevirke show a $71,500 increase in median residential property prices, up from $90,000 in March last year to $161,500 this year and outstripping the rest of the Hawke's Bay.

Nigel Jackson, principal at Property Brokers in Dannevirke, said there had been one or two high-priced properties sold and the market was buoyant.

"We had 15 houses sell in Dannevirke in March, double the average, but in January and February there were quite low sale numbers," he said.

Mr Jackson said Dannevirke's rock-star real estate market in March was because of the higher value sales, compared to previous sales of $120,000 and lower.

"The median price would drop back if it covered a three-month period, not just March, but in saying that we have got buyers out there, looking and putting in offers, and what we really need now is listings," he said.

Properties over $200,000 were selling again in Dannevirke, something which had not been seen for a long time, Mr Jackson said.

"Inquiry is good at both ends of the market and we are constantly out with people looking, so it's a really bright note at the moment."

Mr Jackson said that, with Quotable Values staff currently in town revaluing properties where owners objected to their latest valuation, it was reassuring the market was not seeing the lower valuations as the market value.

"The market is good and buyers aren't seeing those new QVs as the norm," he said. "What we are seeing is multiple buyers for properties and that's good."

Property owners who had received their reviewed valuation were seeing a lift in them.