Trade Me's latest quarterly rental analysis shows average rents have risen 0.7 per cent in Hawke's Bay for the June-September quarter, compared with the same period last year.
Supply of rental properties has dropped 7.8 per cent, but demand is up 14 per cent.
"What is interesting is the investors are coming out big time," Ms MacDonald said.
They would be factoring in the lack of competition from first home buyers and people needing to rent for longer before buying.
Hastings had experienced a September spike in sales of more than $500,000.
It had been a "catch-up month" in the higher range, because August had been a slow month, while in the mid-range sales agents were seeing a signs of the new loan restrictions coming into play, she said.
"I think the lower-range sales will increase, the mid range will stay subdued, the top range will do what it's always done, which is fluctuate backwards and forwards."
Numbers of houses for sale was steady in Napier and had increased slightly in Hastings, however there had not been a "spring-like deluge" of listings she had hoped for.
"These properties are not coming to the market, these people are just waiting.
"I think the biggest driver is that they're worried that they're not going to be able to buy ... they're worried there isn't a lot of choice for them and that they might not be able to borrow as much money as they could before."
Auckland property values rose at a 13.6 per cent annual pace, while Christchurch values are 10.8 per cent above last year, according to QV.
The national pace slowed from an 8.5 per cent annual growth in August. "Most of the rest of the main cities and provincial towns are also increasing but at a much more modest rate," said QV research director Jonno Ingerson.
Value differences between some of the provincial areas were strongly influenced by the strength of the local economy.
"Places like Gisborne, Wairoa and Kawerau are struggling, whereas somewhere like Queenstown is doing very well."
While the new lending restrictions could have a limited impact in Auckland, where supply was low, they could take potential provincial buyers out of the market, he said.
"As a result values may stop increasing in areas outside Auckland and Canterbury."