There has been a lot of recent debate around the percentage increase in values in the Napier residential market from September 2015 to the current date. To investigate this we undertook a search of residential sales in the main Napier suburbs looking for resale properties. We initially looked for properties that sold between mid 2014 to mid 2015, this period being before there was any noticeable movement in the market. We have then looked for re-sales from between September 2015 and November 2016, this after the recent market lift. The results following:
Overall, the results show an average weighted median value increase of 31.8% throughout the whole of Napier.
We have not researched or excluded properties that may have been upgraded and some of the price movement will be due to upgrading.
The results indicate that the suburbs comprising the lower end to average price range properties have had the largest value increases. Maraenui had the largest increase followed by Tamatea, Napier South, Marewa, and Onekawa. This is most likely due to both investors and first home buyers competing in this market. The suburbs comprising predominantly higher price range properties have had the smallest value increases with Taradale having the smallest increase followed by Napier Hill and Greenmeadows. The predominant trend indicates that the smaller the time gap between sale times, the smaller the value increase, and vice versa however this is not always the case.
All data sourced from REINZ.