Swing from seller’s to buyer’s market

Published date22 June 2022
Publication titleHastings Leader, The
The Real Estate Institute of New Zealand’s monthly property report shows the median house price for the 190 Hawke’s Bay houses sold in May 2022 was $730,000, the same as it was in May 2021

Sales volume increased by 47.3 per cent from April’s count of 129 residential properties, but year-on-year May still saw a 19.5 per cent decrease from last year’s 236 houses sold that month.

Property Brokers regional manager Joe Snee said business certainly picked up in May after a disastrous April sales count.

“It shows people who are selling their houses are starting to realise that they’ve got to accept the prices that are out there, it’s not what it was over the last two years,” he said.

“There’s heaps of supply, over 900 houses in Hawke’s Bay on the market.”

Median house prices for Napier City mirrored the wider region’s year-on-year stagnation, remaining at $750,000 in May.

Hastings District’s median rose 3.3 per cent from $750,000 in May 2021 to $775,000 in May 2022.

The median house price in Central Hawke’s Bay was $580,000 in May 2022, up 11.5 per cent on the previous year.

Snee said he thinks sale volumes will continue to be a challenge as the market transitions to a new norm over the next few months.

“It’s gone from the fear of missing out on a property to a real fear of overpaying, so buyers are sitting on their hands going ‘I think if I wait I’ll get a better price’,” he said.

“There are still buyers out there, and there’s heaps of stock on the market to buy, it’s just swinging from a seller’s market to a buyer’s market.”...

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