Hastings house values drop another 4.8% in a year, average now below Napier
Residential property values in Hastings have declined by 4.8% over the past year, with the average home price now falling below that of neighboring Napier. National data indicates a broader downward trend in the New Zealand housing market, with significant quarterly drops recorded in major cities like Auckland and Wellington.
Why it matters
This data reflects a cooling New Zealand real estate market, signaling potential economic shifts for homeowners and investors as buyers gain increased leverage.
The value of housing in Hastings has dropped 4.8% in the past year. Photo / NZME
Residential home values in Hastings have dropped by close to one-20th in year-on-year reporting from state-owned valuation agency Quotable Value.
In a report on the quarter to the end of August it said the average home value in Hastings was now $743,579, a decline of 4.8% on the same time last year.
It was accentuated by a 2.9% decline during the quarter.
Napier’s average home value decreased at a slower rate, placing values in the twin cities now less than $300 apart, with Napier now marginally in front.
In Napier, values dropped by 1% to $743,856 over the three months to August and were just 0.3% lower than the same time last year , according to the QV House Price Index.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in