REINZ Market Update | Tremains Hawkes Bay | July 2021

Date: 13th Aug 2021

Another month of winter has passed. Another Olympiad has passed into history. Records were set at the Olympic games and records are still being set in the property market too. Just as the Olympic games are competitive so too is the property market. It has always been that way but unlike the Olympics, there are no independent judges. Both vendors and purchasers make their own judgments on value. So despite some commentary claiming that real estate salespeople are influencing the market, it is those in the market, the vendors and purchasers, that are the influencers and make decisions of their own free will.

July 2020 recorded 282 sales for Hawke's Bay compared to 202 during July 2021, with an average sale price of $730,000 for July versus $550,000 for the same period last year. Nationally it's a similar story with over 900 fewer sales than in the same period last year and a national median price increase of $167,000 to $826,000. Listing numbers have contracted, creating a 'buy now' scramble amidst the fear of not being able to get on the property ladder. A tip for anyone waiting for spring to list their home - consider moving earlier on your intentions if you want the chance of an exceptional price.

Tony Alexander has highlighted the prospect of potentially one million expats wanting to return to NZ. This will increase local Kiwi's desire to buy now before the market changes to accommodate this influx. However alongside this theory is the pull of a stronger labour market and higher wages in Australia, which means we may also lose people to migration. Money usually diverted into travel is now finding its way into property investment and renovation, resulting in a scarcity of builders.

Talking of FREE earlier, Tremains is conducting a significant Spring promotion currently that will see a lucky vendor receive $35,000 when they sell their property through us. That is $35,000 to spend however they wish, on a holiday, a home renovation, on their mortgage, or a Jetski perhaps. But wait, to coin a phrase, “there is more” for vendors. Also on offer is a free marketing package valued at $895. The family-owned real estate company that has looked after Hawke's Bay people's property needs for 50 years is continuing to do so. Should you like to get a broader understanding of our market please do not hesitate to be in contact with a member of our Sales team.

Get all the market facts and stats here.