Feature article

Hawke’s Bay regional property market insights

A snapshot of the Hawke’s Bay property market.

Last updated: 3 December 2024

Hawke’s Bay regional property market at a glance - residential properties for sale

Compared to the month before, November 2024 property prices in Hawke’s Bay were down 1.1%, with an average asking price of $738,000, according to our most recent Trade Me Property data. This was also down compared to the year before, with homes in the Hawke’s Bay region 3.6% less expensive than in November 2023.

There were 1,128 Hawke’s Bay homes available for sale on Trade Me Property in November 2024. This was up slightly from 1,057 in October 2024, and up considerably from the 863 properties available in the same period last year.

Hawke’s Bay regional property market at a glance - residential properties for rent

The average cost of renting a home in Hawke’s Bay in November 2024 was $630, down 3.1% on the month before, and flat year-on-year, according to our data.

In November 2023, there were 200 Hawke’s Bay rental properties available on Trade Me Property, while this November saw nearly 350 rental properties available on site.

You'll find heaps of Napier homes for sale on Trade Me Property.

Current buyer and seller behaviour in Hawke’s Bay/Te Matau-a-Māui

Among people surveyed in our 2024 Property Pulse survey* who were seeking to buy a home in the Hawke’s Bay region:

4.3% were currently in the process of buying a home.
2.9% were just thinking about buying a property.
2.8% were looking to buy a property in the next year.
1.3% were looking to buy a property in the next 1-2 years.

Of the respondents who’d ideally buy a property in the Hawke’s Bay region, 55.5% agreed that now is a good time to buy a property. Would-be buyers in the Hawke’s Bay region say they would be most willing to compromise on the size of the section of the section/land in order to stay within their buying budget, compared to a range of five other options including property type, location and property condition

Interested in how quickly homes change hands in the Hawke’s Bay? Of the respondents looking to sell** a home in the Hawke’s Bay region:

3.1% had owned their current home for more than five years.
2.6% had owned their current home for 3-5 years.
5.6% had owned their current home for 1-2 years.
5.6% had owned their current home for 6-12 months.
11.8% had lived in their current home for fewer than 6 months.

Of respondents looking to sell a home in the Bay of Plenty region:

5.6% were currently in the process of selling a property.
2.8% were just thinking about selling a property.
4.1% were looking to sell a property in the next year.
0.8% were looking to sell a property in the next 1-2 years.

Beautiful beaches are just one of the great things about living in the Hawke's Bay.

Why live in Hawke’s Bay/Te Matau-a-Māui?

Wine, weather and world-famous architecture – the residents of Hawke’s Bay/Te Matau-a-Māui sure have a lot to enjoy in this stunning part of Aotearoa.

This is a geographically diverse region of the country, with dense forests in the in-land region, as well as seaside cities such as Napier. Within the roughly 14,200 km² boundary of Hawke’s Bay are the following districts:

According to the 2023 census, the Hawke’s Bay region is home to around 184,800 people, 74% of whom live within the Napier-Hastings area. Between 2018 and 2023, Hawke’s Bay’s population grew by about 5.23%, according to census data. Currently, the population density of Hawke’s Bay is around 13 people per km².

According to 2018 Ministry of Business, Innovation and Employment (MBIE) data, the fruit and tree nut growing industry is the largest industry employer in Hawke’s Bay. Other large sectors include sheep, beef and grain farming, residential business construction and management and consulting services.

There is also a highly seasonal influx of workers who come to play a vital function in local fruit and general agriculture businesses.

*Data from Trade Me Property Pulse Survey 2024. 1,572 total responses, 62 responses from the Hawke’s Bay Region.

Author

Al Hall

Al Hall is a regular contributor at Trade Me Jobs and Trade Me Property. He’s dedicated to helping people succeed in their aspirations to find their dream job and place to live.