A significant growth in the real estate market of Hawke's Bay, particularly for million-dollar properties, has been observed.
According to Stuff.co.nz, the region of Hawke's Bay in New Zealand is receiving an increasing market demand from international and national property buyers. New Zealand Sotheby's International Realty Hawke's Bay managing director Fraser Holland said this trend is poised to continue. Latest data from The Real Estate Institute of New Zealand (REINZ) also showed that Hawke's Bay, along with other NZ regions, is leading the pace for the country's housing market growth.
"Regional markets, particularly Northland, Waikato/Bay of Plenty, Hawkes Bay and Central Otago Lakes are now setting the pace for the New Zealand real estate market, with Auckland, in a relative sense, now in the middle of the pack," said REINZ chief executive Colleen Milne, via Scoop.co.nz.
In 2015, there are 40 properties worth more than a million dollar each that were sold, up from the previous year's 35 properties. The year-on-year increase has been recorded since 2012, with 22 million-dollar properties sold in 2013.
Holland said, "This growth is predominantly driven by the number of out of region buyers who are looking to purchase their slice of heaven, a change in lifestyle and a better balance in Hawke's Bay."
"With an increase of visitors to Hawke's Bay, we are experiencing an increase of enquiry and buying activity in the upper price bracket of the market," he added. "People are buying properties and often putting them into rentals for a couple of years, just to get in now ahead of the curve.
In a related report, Reserve Bank of New Zealand (RBNZ) said that house prices in the country have more than tripled over the past five decades, as reported by NZHerald.co.nz. In Auckland alone, house prices have increased 52 percent since the middle of 2012, while other regions saw an 11 percent increase.
