A “perfect storm” has hit housing prices in Napier and Hastings to the point where it is now classified as ‘severely unaffordable’.
Turley & Co was a contributing commentator to the HBT story:
Hawke’s Bay Today | 21 Jan 20 | Napier-Hastings housing now ‘severely unaffordable’, in top six least affordable cities in NZ
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Flaxmere’s house value appreciation over 15-20 years has outperformed some coastal and urban locations for Hawke’s Bay.
In 1998, Flaxmere recorded 27 house sales equating to 2.3 per month and a total value of $2.2m. In 2018 transactions were 237 or almost 20 per month summing $56.1m. In 2018 the median house sale price was $230,000 – up 156% in 20 years with growth highest since 2003.
Turley & Co’s 15-years 2003-2018 study measured Flaxmere’s median residential property value change at 142% or 6.1% per annum compound. Flaxmere’s annualised value growth outpaced residential property over the 15 years for Napier Hill (3.2%), Mahia beach (3.3%), Bay View (4.1%), Westshore (4.4%), Taradale flat areas (5.5%) and Waimarama (5.7%).
The 2019 three-yearly Rating Valuation reassessment for 2,976 residential rating units at Flaxmere reflects average Capital Value of $307,100. The Flaxmere RV has risen 67% compared to district-wide residential RV increase 43% 2016-19.
Mountains of hard work has converged, yielding the iwi-led ground-breaking Waingākau Village, the Kimi Ora Community School culture-focused redesign, town-centre and community facilities betterment (as promised by Hastings Council) and St Andrews’ solar electricity project.
Refer to the article for more …
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