Commentary

Property values in Wairoa have been very strong over the last few years, probably more so than other locations in Hawke’s Bay.

A strong decrease in values was evident in 2013 and 2014 as a result of continued population declines and the sale of several state homes which flooded the market. Then values went flat between 2015 and 2017 but our analysis of sales in Wairoa shows very strong growth commencing around the beginning of 2018, continuing to the early part of 2020.

The median sale price in Wairoa in 2017 was around $100,000 increasing to $150,000 in 2019 with annual median prices over $200,000 (based on few sales) in early 2020 prior to the Covid19 pandemic.

Median sale price stats in Wairoa need to be considered with caution, as they are typically based on a relatively small number of sales, so a few strong or weak sales can influence the statistics, however the trend it clear and strong.

The effect of Covid19 on the Wairoa market is, as yet, unclear, however the economic impacts of Covid19 will be widely felt. Wairoa is a manufacturing and service town for the surrounding farmland, with small industry catering for the local produce industries which should perform well despite Covid19 and cushion Wairoa through this crisis, although unemployment could be an issue for Wairoa.

Our valuers are in Central Hawke’s Bay most weeks and know the market well. Please contact Added Valuation for your next registered valuation in Wairoa.