Hawke’s Bay house sales ‘on the rise’ amid four-month high: report

House sales are picking up in Hawke's Bay according to the latest data. Photo / NZME

The number of house sales in Hawke’s Bay has reached a four-month high and is “on the rise”, according to the latest figures released by Real Estate Institute of New Zealand (REINZ).

REINZ released its monthly property report looking at house sale data for the month of March.

A total of 176 homes sold during March in Hawke’s Bay - after a cyclone-impacted start to the year - which was the highest figure since November 2022 (when 184 homes sold in the region).

REINZ chief executive Jen Baird said there were reports of more people at open homes and people with insurance pay-outs looking for homes.

“Rises in interest rates continue to see investors step back from the market. Some vendors still hold high price expectations, but more are listening to the market now,” Baird said of the situation in Hawke’s Bay.

“Numbers at open homes have increased and sales counts saw a slight uptick of 0.6 per cent year-on-year.

“Due to Cyclone Gabrielle, Hawke’s Bay is still seeing insurance pay-outs flow through for property, but activity is on the rise.”

The average house price for properties which sold in Hawke’s Bay in March was $661,000, down 17 per cent from the average house price in March 2022 of $796,000.

House prices have been falling since early 2022 and one real estate expert recently told Hawke’s Bay Today that “you can’t pick the bottom of the market, but if we are not there, we are very close” - given the recent uptick in home-buyer interest.

Meanwhile, while buyers with early insurance pay-outs are making some impact on the market, many house insurance claims are still being settled in Hawke’s Bay.

That means more people impacted by the cyclone could come into the market in months to come potentially looking for new homes.

The Insurance Council of New Zealand says an update will be released in early May as to how many insurance claims have been settled, but as at late last month only about 10 per cent of the nearly $890 million worth of insurance claims related to Cyclone Gabrielle across the country had been paid out (more than half of which relates to Hawke’s Bay).

Insurance Council of New Zealand spokesman Christian Judge said insurers in many cases were having to wait for council and Government decisions before they could settle claims.

“If you have had a lot of damage to your property it can take many months to settle and in some cases it will take over a year.”

There were 750 properties on the market during March which was slightly higher than a year ago in the region.

Number of house sales by month in Hawke’s Bay

Mar 2023 - 176

Feb 2023 - 118

Jan 2023 - 106

Dec 2022 - 146

Nov 2022 - 184

Oct 2022 - 167

Sept 2022 - 166

Aug 2022 - 184

July 2022 - 178

June 2022 - 127

May 2022 - 193

Apr 2022 - 127

Mar 2022 - 175

Feb 2022 - 171

Jan 2022 - 124

Dec 2021 - 214

Nov 2021 - 260

Oct 2021 - 241

Sept 2021 - 207

Aug 2021 - 151

July 2021 - 208

June 2021 - 189

May 2021 - 236

April 2021 - 209

Mar 2021 - 255