The property market is now being characterised by an increasing supply of homes for sale, sales activity plummeting and house prices easing. According to the Real Estate Institute’s (REINZ) latest property report, we’re now seeing a slowdown in sales activity. The number of homes sold in Hawkes Bay during April fell by 39.2% compared with the same time last year when 51 sold in Napier and 59 in Hastings (compared to 103 & 86 respectively in April last year). More homes are staying on the market longer, resulting in the total number of houses for sale in Hawkes Bay increasing by over 70% to ..read more

Even though it’s evolved into a marketing event, I see Mother’s Day as an opportunity to appreciate one of the most important woman in my life. My mother is not one for grand gestures – a big hug, handwritten card, tea and scones mean as much as something fancier. Though I was remembering my colleagues who don’t have a mum anymore – for them Mother’s Day can be tough. Anyone who’s lost a parent or other loved one knows that cloud of sadness eases over time but never really goes away. I am impressed that our 18-year-old son makes an effort to express his gratitude in thoughtful ways to his moth ..read more

ANZAC day marks the anniversary of the landing of New Zealand and Australian soldiers (the ANZACs) on the Gallipoli Peninsula in 1915. Monday’s services were well attended, and I’m aware that even though generations have passed, those tragic losses continue to be felt by families and friends. My father lost his older brother, Flight Lieutenant Eric Cox, in conflict over Crete in 1942. Uncle Eric was awarded the Distinguished Flying Cross for courage and devotion to duty on active service. At Napier’s Dawn Service at the Sound Shell we were remembering him, others who have served at war, and th ..read more

According to the Real Estate Institute of New Zealand, during March 2022 just 78 residential properties sold in Napier and 73 in Hastings. That’s around a third less than March last year. In the past March has been one of the busiest months of the year, but these current level s are the lowest for the month of March in 10 years. At first glance, selling prices appear to be holding, with a median price rising 2.7% in Napier to $852,000 but falling 12.3% in Hastings to $755,000. However, it appears the apparent rise in Napier reflects a shift in distribution of sales, with more-higher priced pro ..read more

During the past week a significant amount of data about the property market has been released. Data from the web portal realestate.co.nz shows: • at the start of April 2022 listings across Hawkes Bay were up by 24.5% compared to March. Unsurprisingly stock has almost doubled compared to the same month last year. • this means that buyers now have more choice and potential purchasers are weighing up more carefully the features, condition, and vendor price expectations between properties. • properties are now taking longer to sell than they have on average for the last 10 years. • there is over 1 ..read more

February house sale data show key indicators are easing, and further slowing is expected. • Listings are on the rise. Inventory has more than doubled in Napier compared to the same time last year. More choice in the market has eased the sense of urgency among buyers, and properties are spending longer on the market. • The number of days for homes to sell is rising. The median days to sell in Napier almost doubled from 26 days in February 2021 to 51 in 2022. • Sales are trending lower. The number of residential property sales recovered from low levels in January to 84 in Napier and 64 in Hastin ..read more

Recent data shows first home buyers need to save around $140,000 to reach a 20% deposit on the average priced home in Hawkes Bay. Although this can seem daunting, here are some simple things to help you achieve your goal: Manage your money Get your savings and spending under control. Lenders ask for 3 months’ bank statements and are looking for proof that you can service a loan. If your mortgage repayments are going to be more than your rent, you need to show you can afford it. Your bank statements should demonstrate: Consistent deposits from income A monthly surplus after expenses No unarran ..read more

January house sale data from REINZ suggests that compounding factors are influencing a decrease in sales and easing in price growth, including Hawkes Bay. In both Napier and Hastings, the number of residential property sales fell 43% compared with the previous month to 56 sales in Napier and 51 in Hastings. Although market activity often eases during the holiday period, these figures may have been magnified by COVID-19 restrictions and headwinds such as LVRs, the CCCFA and interest rates impacting the number of active buyers in the market. Many point to access to finance, exacerbated by change ..read more

Has the market peaked? Will interest rates continue to rise? Will the market shift in favour of buyers? These are common questions being asked at the moment. Many are making predictions. My advice is – ignore the speculation! Regardless of what’s happening in the market, people have compelling reasons to buy or sell property. Your REASON for selling or buying is more important than any speculation about the market. Most people buy and sell because of changes in other areas of their life, which affects their property needs. For example, changes in your family, your relationship, your work or bu ..read more

After a century in business, the Cox Partners team decided to repay the community who have supported them with a ‘Giving for Good’ fund to help champion local Hawke’s Bay charities. The ‘Giving for Good’ initiative was established twelve months ago after observing that the fundraising efforts of many charities’ were disrupted by the effects of the Covid-19 pandemic. The Hawke’s Bay Foundation was chosen to manage the fund – ensuring that each time a property is sold through Cox Partners, the vendor can choose a local charity to receive a $500 donation – a ‘Gift for Good’. The project fits well ..read more