WATCH: Perspectives Property Report May 2025

Hi, I’m Fraser Holland, and I lead the offices in the Central North Island for New Zealand Sotheby’s International Realty.
Welcome to the May edition of Perspectives, a glimpse into the property markets of Hawke’s Bay and Manawatu.

Wherever you live in New Zealand, it’s important to understand your property market and more specifically, where your home sits in value.
As I work with our teams and speak with clients across the Central North Island, I’m constantly recalibrating my thinking around local property values.

That said, outside of our key feeder cities like Auckland and Wellington, one thing remains true - Palmerston North, Napier, and Hastings not only offer a very different lifestyle, but also more bang for your buck.

Let’s calibrate together and consider median prices:

• The national median in March sat at $790,000

• Wellington City: $900,000

• Auckland region: $1,040,000

Now compare that with:

• Napier: $720,000

• Hastings: $690,000

• Palmerston North: $630,000

With a more relaxed pace of life, no more than 15 minutes of commuter traffic, and a variety of exceptional properties, it’s not hard to see where I’d prefer to live.

---

Market Conditions
We’re now over a third of the way through the year, and I’m pleased to report that our teams are active.
Sales, while at times hard fought, are certainly more plentiful than this time last year.

The major swings in property values appear to be behind us. Buying and selling within the same market  or over a 3 - 6 month period is now more manageable and presents less risk.

In each of Napier, Hastings, and Palmerston North, we’re seeing a buyers’ market -  meaning buyers have choice.
Currently, the number of listings in each city is approximately four times the number of monthly sales.
In short, supply is outweighing demand.

That said, buyers are buying. Prices are sensitive. A small price adjustment can lead to a significant increase in interest.
The average days to sell has also dropped notably — now sitting around 40 days.

---

Featured Properties

In Palmerston North
272a Hendersons Line - a modern 326 sqm, five-bedroom lifestyle home on 2.2 hectares.
Enquiry from $1,560,000 - terrific buying just outside the city.

In Hastings (Havelock North)
Woodcroft, 51 Simla Avenue - a Chapman-Taylor 1920s masterpiece, meticulously refurbished to preserve its timeless charm while offering modern comfort for generations to come.

In Napier Customs Quay, Apartment 201 - filmed from here today.
A stunning 372 sqm apartment at the apex of the Ahuriri inner harbour, offering a sun-filled, north-facing aspect with views over Hawke Bay.

This is exclusive apartment living at its finest.

---

Recent Sales

• 274 Polson Hill Drive, Palmerston North – $1,800,000

• 90 McHardy Street, Havelock North – $2,600,000

• 13 Nelson Crescent, Napier – just over $1,000,000, a 10-minute walk to the CBD

---

Thanks for joining me for this edition of Regional Perspectives.
I hope it’s provided some insight into the variety and value of mid- to high-end homes available in Hawke’s Bay and Manawatu.

Remember - your home is one of one.
Medians and market statistics aside, if we can help elevate your home’s value in a changing market, we welcome the opportunity.