A demand exceeding supply for upper-market homes in Havelock North is shoving the average price sale of residential property in the Hastings District up quicker than almost any other area in the country, according to latest statistics.
The average house sale price in the Hastings area in April was $408,510, which was 22.8 per cent up on April last year.
The only other areas with greater rates of increase, among 15 areas in the survey by Quotable Value (QV), were Rotorua at 27.8 per cent, where the average sale price was $396,423, and Queenstown, where the average price at $1,041,830 was just $2000 less than the average in the Auckland region, which was 10.7 per cent up.
The Hastings market continues to see strong value growth; up 22.8 per cent year-on-year and 4.2 per cent over the past three months; and the market is now 31.1 per cent higher than it was 10 years ago.
Napier values, at $425,484, are up 17.2 per cent year-on-year and 1.5 per cent over the past three months, and now 25 per cent above what QV says was the "previous peak" of 2007.