Figures show month on month growth for January 2019. Data powered by Valocity.
The property market in Hawke's Bay has been soaring lately but the suburb of Te Awa is rising higher than the rest of the region.
According to the latest report from OneRoof, property prices in the Napier suburb has skyrocketed in recent years having risen considerably in the past three years - some 63 per cent - with the average house value now sitting at $482,000.
Tremains Hawke's Bay sales manager Stuart Christensen says that first-home buyers will struggle to find anything priced much below $500,000 even in the older part of the suburb.
"You've got issues of supply and demand and property is snapped up quickly, often with competing offers," Christensen said.
Te Awa saw the biggest quarterly rise for a Napier suburb in average values, with an impressive 10 per cent increase.
Te Awa is very much seen as a suburb of two halves, with still existing pre-quake dwellings, including small railway workers' houses from the 1920s, plus Art Deco style homes built after the quake from the 1960s and 70s era.
Te Awa is a popular suburb for home buyers. Photo / Andrew Labett
While on the other side is Te Awa Fields, a new subdivision of 67 homes, in front of Maraenui Golf Club.
This is the newest of the subdivisions in the area, which began around 12 years ago planned to add hundreds of high-quality homes to the suburb.
He says sections in Te Awa Fields start at around the high $200,000 mark, while larger ones will be in the low $300,000 range.
"When they're finished we'll be looking at $700,000 houses," Christensen said.
Christensen says that some of the homes in the first part of the subdivision, built around 12 years ago, are now coming to market for around $800,000.
"The reason for this is that they're huge, American-style properties, with an extensive floor area, but today's homes are not as large as that," Christensen said.
Along with the booming property market retirement village developer Summerset has been granted resource consent for a large complex to be built in Te Awa on a nine-hectare site.
The complex is set to have around 320 units in a mix of two and three bedroom villas, one-bedroom apartments, a rest home and hospital wing, workshops, social centres and a communal garden.
Harcourts general manager for Hastings James Cooper says Hawke's Bay offers a lot of great factors which have helped support the growing property market.
"Some of the key pull factors driving demand for Hawke's Bay buyers include a strong local economy with low unemployment and a superb lifestyle," Cooper said.
"This has seen increased interest from people looking either to return home to raise a family or buyers looking to move from Auckland in their retirement."
With the market in the region growing affordability is still a key factor in Hawke's Bay continued growth with more than 40 per cent of all sales occurred below $400,000.
But Christensen thinks prices in Te Awa will only continue to increase especially with the great benefits to the area.
"I think ultimately what's happening is that you've got a nice climate, you're close to town, interest rates are low and Napier only has a limited amount of land zoned for housing."
