Commentary

Havelock North is a preferred residential locality of Hawke’s Bay and achieves significant value premiums over most locations. The quality of housing is good and the suburb benefits from a north facing position on the Te Mata Peak foothills. Unlike many Hawke’s Bay suburbs, Havelock North has little price resistance up to and in excess of $900,000.

Like all areas of Hawke’s Bay, Havelock North rose sharply during the property boom. After peaking in 2007 values withdrew to a low in 2012 but have regained strength in 2013 and 2014 and are now at record levels.

Four bedroomed dwellings (a sizeable portion of the market) tend to achieve a premium of approximately $100,000 on average over three bedroom homes in Havelock North. Despite minor fluctuations, four bedroom dwellings have experienced fairly consistent values with a median sale price in the order of $500,000. Three bedroomed dwellings have also been relatively stable at around $400,000. There are few two bedroom dwellings in Havelock North, thus the median sale price has greater fluctuations on the above charts, however we consider they have shown a modest improvement in values over the past few years.

Crosslease properties in Havelock North are dominated by two bedroom residential units, often in lower lying and lower average value locations and typically benefit from close proximity to the village centre. These units are popular with the elderly and have shown a positive upward trend in recent years, consistent with freehold residential property values in Havelock North.

Registered Valuer Rob Douglas has specialist knowledge of the Havelock North property market, living there himself. He would welcome the opportunity to assist you with your next valuation in Havelock North.