P Style Banner Apr2024 Market Insights

Hawke's Bay; the lucky land

Hawke’s Bay market conditions are currently balanced for both vendors and buyers.

  • Chelsea Kennedy
  • 21st Apr 2024
Chelsea Kennedy0205

Chelsea Kennedy, NZSIR Napier Sales Manager

Chelsea gives us an insight into the local property market, and tips on what to do when you visit the iconic coastal and wine region.

Hawke's Bay real estate market

Our market has a lot of properties on the market right now, there is no shortage of listings and vendors who are selling successfully are the ones who put their properties into a ‘no price’ marketing campaign – either a tender, deadline or auction. The premium at the moment is to have a cash unconditional offer but most of our buyers are subject to sale and we are getting long chains of properties. Cash buyers do have an advantage in this market.

Vendors are generally holding out for a price, having often purchased another property and need a certain figure to make it all work. Negotiations are taking longer and we’re having to work harder to get deals across the line. In many instances tender negotiations are taking the full five days!

Hawke's Bay property insights

Properties which have a home and income option are popular. We have the market share of homes in our region over $1.5 million as we have a strong database of quality buyers. We have the international network to promote our clients’ homes overseas.

Buyers are being considered, not wanting to overpay for property. They are thinking about the interest rates and it is meaning they are being conservative on pricing, hence the negotiations taking longer. Most of the people we are dealing with are families or couples who are taking the next step in life, whether it be to something bigger for the growing or extended family, or older couples who are wanting something easy-care without compromising on a beautiful home.

Napier real estate market

We have seen an increase in international interest recently with enquiries having picked up from overseas, both with people relocating to New Zealand and investing here. We are seeing a few of our clients relocating but also purchasers from out of the region.

I have already seen our sales pick up in the first quarter of the year so I'm expecting our sales volume to continue to increase. I don't think we will see much change in pricing, it will likely hold steady.

Chelsea's insiders guide to Hawke's Bay

Q: Where is home for you?

CK: I am only reasonably new to Hawke's Bay, having moved here in January 2023. Prior to that I spent 10 years in the real estate industry in Christchurch, but originally home for me is Whangarei, Northland.

Q: What's the best part about living in Hawke’s Bay?

CK: Hawke's Bay is a special place. The pace of life is a perfect balance between busy and relaxed and there are plenty of recreational pursuits within easy reach. I enjoy tramping so we are spoilt for choice! In summer I have been spending my weekends at the beach enjoying the beautiful sunshine – Waipātiki Beach is my favourite spot to start the day with the sunrise.

Hawke's Bay beach

Q: What’s your favourite local restaurant or café?

CK: You can't go past the exceptional coffee and food at the Black Shed in Awatoto. The Whittaker's Blondie lamington is an experience you must try for yourself.

Q: What's the best option for a scenic spot to get some exercise or enjoy the outdoors?

CK: Te Mata Peak has some incredible views and there are plenty of different walking or biking options.

Q: What's your favourite local event and why?

CK: Anything involving food or music! I am looking forward to the F.A.W.C events, and Dragon at Black Barn.

Hawkes Bay events

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