The Hawke's Bay property market continued its strong growth in March with a 32 per cent jump in the number of houses sold in February and a record median price, according to REINZ figures.
The number of houses sold in March is typically greater than in February but the 32 per cent jump, on a seasonally-adjusted basis, is 10 per cent greater than normal. Compared with March 2016 sales volumes were up 14 per cent.
The median house price rose 24 per cent ($74,500) compared with March 2016 to reach a record median of $385,000. On a seasonally-adjusted basis the median price increase of $35,000 in March was 10 per cent compared with February.
REINZ said Hawke's Bay had the second-lowest level of inventory across New Zealand with 10 weeks of supply, a drop of 16 per cent over the past year.
"Whilst volumes and median prices have increased, inventory and new listings remain tight across the region, with Hawke's Bay having the second lowest level of inventory in New Zealand, REINZ CEO Bindi Norwell said.