Median Gisborne house price $670,000

The median house price in Gisborne for the 12 months to April was $670,000 - up 4.7 per cent from the same time last year. Photo / Liam Clayton

The median value of a Gisborne home is higher than those in Hawke’s Bay, Taranaki, Manawatū-Whanganui, the West Coast and Southland, according to the Real Estate Institute of New Zealand’s (Reinz) April report.

Gisborne’s median value increased by 4.7 per cent in the 12 months to April to a value of $670,000.

The April Reinz report shows the national median price increased year-on-year by just 1.3 per cent to $790.000

Regions with a lower median value than Gisborne were Taranaki, up 9.9 per cent to $622,000; Hawke’s Bay, down 12.0 per cent to $660,000; Manawatū-Whanganui, down 0.2 per cent to $555,000; the West Coast, up 19.9 per cent to $430,000; and Southland, up 7.1 per cent to $455,000.

Canterbury also had a median value of $670,000, up 0.8 per cent from a year ago.

There were 43 residential sales in Gisborne last month, up 22.9 per cent from 35 sales in April 2023, which was just after Cyclone Gabrielle.

It took a median period of 45 days for a Gisborne property to sell.

The Reinz report said the 10-year average for April was 38 days.

The Agency principal Bronwyn Kay said there was still strong interest in Gisborne from first-time buyers.

There were houses which sold within days, she said. Houses sold if vendors accepted market conditions.

The sale of mid-range house within the $600,000-800,000 mark was “sluggish” - again a case of vendors accepting the market, she said.

In the “very, very” high range - $1 million to $2m - were buyers who were not dependent on banks.

Kay said May had been “fabulous” - her company had sold 17 houses so far.

Reinz chief executive Jen Baird said the market was subdued, despite nationally seeing higher sales counts, properties selling more quickly and more listings compared to a year ago.

These increases were a contrast with the much lower measures seen in April 2023, following the impacts of weather events like Cyclones Hale and Gabrielle, but were below the average for this time of year longer-term, she said.

Baird said economic factors were creating headwinds.

“Activity is picking up for the housing market as we move into autumn, with sales lifting and more choices for buyers.

“However, the likelihood of interest rates staying at these elevated levels for a while, and more talk of job losses, continues to lead to caution among some buyers.

“Although the cooler months traditionally lead to activity slowing down, demand for properties may increase as investors return to the market in response to upcoming changes to the bright-line test and the reintroduction of interest deductibility on investment properties,” Baird said.

“With this in mind, buyers may want to act now.”