The REINZ statistics for the month of August were out this week with a new record high for Hawke’s Bay as we finally hit $500,000. Seems not long ago when the median sale price sat at $275,000 for all those years as we recovered from the Global Financial Crisis, and stabilised in this beautiful part of regional New Zealand. So you can go back to late 2015 when our local market finally started to show signs of growth as the volumes of sales increased and the median price slowly started to move. How much further will it go? That has to be on everyone’s lips as we contemplate our next property moves and look at how the next generation can get a foot onto the property ladder. There are many first home buyers looking to secure their first home, and with the recent Government decision to allow lower deposits, this will help buyers move into a slightly higher price bracket.
We are still seeing large buyer numbers in the market and with listing stock low, the demand will continue to push price. The Hawke’s Bay volume for August was at the lowest level for many years; at 182 sales versus 223 in August 2018. One would think this was an immediate sign of the bottom falling out of the market, but it certainly is not with this ‘blip’ being specifically due to an all-time low number of properties on the market for sale. The sales numbers are already returning in September and we expect to see the volumes comfortably back up over 200 sales. Remember these numbers are for all real estate companies from Wairoa down to Waipukurau.
A special note to the family of Tremains’ Life Member Frank Cooper who suddenly passed away earlier this week. Frankie worked for Tremains for 24 years from 1989 to 2013, building up a business of many satisfied clients. Based out of our Havelock North office, Frank has been an iconic member of the community for many years and has had a recent role as Santa Claus in our Havelock North Office Santa’s Cave at Xmas time. An absolute gentleman, with the largest smile, Frank will be sorely missed at our annual Life Members’ lunch and around the Village.
The Tremains team continue to outperform all others in the market. It is amazing at how our team pick up a private sale and deliver so many more buyers to the table, which ultimately delivers the vendor more dollars in their back pocket. Please call one of our team to talk through actual live examples of recent situations with roperties that have already been to the market. Our team works for the vendor and all our processes are designed to maximise the vendor’s price. It gets a little tense in my house this week as the All Blacks take on the Springboks. Although my wife has now lived here for 22 years, she still has a soft spot for her home country. Even though my kids are half South African, they are 100% sure of where their loyalties lie. Rugby World Cup time; I can’t wait.
Have a great week – Go da All Blacks!