Hawke's Bay's online property asking prices hit record levels

People selling houses online are asking for record amounts in Hawke's Bay, with real estate agents saying vendors are actually exceeding even those sky-high demands come auction day.

Real-time statistics from realestate.co.nz show nearly two thirds (11) of the country's 19 regions hit record high average asking prices in August, spokesperson Vanessa Taylor said.

In August, Hawke's Bay vendor expectations rose up 3.7 per cent to $521,138. That was despite a 12 per cent drop in new website listings, compared to August 2017. There were 278 new listing over August this year.

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The region's online housing stock also fell by 12.7 per cent, with 411 listings featured online on August 31.

Taylor said while that was "not quite" an all-time low for stock levels.

"I think we have a classic case of supply and demand. We have a very tight housing market, therefore vendors are able to commend higher prices."

Demand was also picking up in Hawke's Bay, with a 3 percent increase, month on month, on online searches with the top suburbs being searched - Waipukurau, Waipawa and Otane - all in Central Hawke's Bay, she said.

Property Brokers Hawke's Bay regional manager Guy Mordaunt said values in Hawke's Bay remained "incredibly strong" across the region.

"In a lot of cases we are still exceeding asking prices, which is of course driving vendor confidence. Although this has turned in a lot of places around New Zealand, the Bay is continuing to benefit from high buyer numbers and a supply-versus-demand imbalance."

Ray White Hastings managing director Elanor MacDonald said August's sales figures were still to be released to confirm asking prices had been realised but many vendors were certainly achieving higher prices.

MacDonald added with stock levels so low, prices were unlikely to go down.

"If you just look at Napier and Hastings, they have just between four weeks and six weeks of stock, which I think is even lower than Auckland hit at its peak.

"That says to me that prices will continue to rise. They are not rising at the pace vendors would like, however, popular houses that are coming to the market are achieving good prices.

"So, from a buyer's point of view if you find a house you like at the moment, you would probably be best advised to buy it."