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Hawkes Bay on rise with help of first time buyers

May 11th, 2012 | By | Category: Front Page Layout, Latest News, News

DESPITE house sales dropping in Hawkes Bay over the last year, statistics show an increase in the first quarter of the year. 

Agent Patrick Dingemans from Property Brokers says the market has been active since Christmas and his experience is backed by the latest industry figures.

Statistics for April show Hawkes Bay has set a new house price average for the region of $296,000, according to Real Estate Institute New Zealand (REINZ)

Compared to April 2011, there were 30% more houses sold last month.

Two local real estate agents say first-time buyers have increased.

Patrick Dingemans from Property Brokers says low interest rates and deals offered from businesses are helping people buy their first house.

“The first time buyers have been helped by corporations like Kiwibank.”

Jeneff Clark, an agent working for Tremains, says houses are available and first time buyers are taking them.

“There are quite a few houses in their price range. Many people are offloading rentals.”

Like Mr Dingemans, she says banks supporting first time buyers such as Kiwibank are helping improve the market.

“They get in with very little deposit.”

Across the year, however, figures released by housing market analysts Quotable Value (QV) show a slight decline in Hawkes Bay residential properties over the last year.

QV’s latest statistics on property price movement say that Napier is down -1.7%, Hastings -1.3% and Central Hawkes Bay -1.5%.

In comparison Palmerston North grew 1.1%, and South Taranaki grew 3.6%.

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