$1 million required for prime real estate in Hawke’s Bay

$1 million required for prime real estate in Hawke’s Bay
13/03/2019 , by , in INTERNATIONAL

Million dollar residential sales in Hawke’s Bay have nearly quadrupled in the past six years, according to a real estate agency.

Sotheby’s International Realty Hawke’s Bay managing director Fraser Holland says as house prices have risen, $1 million is no longer the barrier it was in the region.

“We started our business in 2012 and at that time there were only 18 residential sales above the $1m mark. In 2018, the number was well in excess of 65.”

The suburbs of Ahuriri, Bluff Hill, Taradale, Greenmeadows, Havelock North were now consistently delivering million-dollar properties, Holland said.

“The values being established now are the new normal.”

Havelock North, in particular, was experiencing growth in high-end sales, because of supply and demand economics, he said.

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