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Housing Demand Hawkes Bay

WHAT IS DRIVING HOUSE PRICES AND RENTS UP?  A commonly asked question and main factors quoted are: Number of sales low, Interest rates low, Official cash rate low, Immigration up, building consents up, mortgage approvals up, rents up. While we get bombarded with information on those factors, we are often frustrated with the lack of data available for the Hawkes Bay urban area.  This is why we have decided to watch out for scraps of information to back up our anecdotal evidence on market development.  We will do that under the heading “Housing demand Hawkes Bay”.

Consents for houses are up in Hawkes Bay but there is concern that there is a land shortage.  Statistic New Zealand figures: 40 new dwellings were granted consent this January – twice that of last January (2015) (HB-Today 05-03-2016 P 13)

CHINESE VISITOR NUMBERS SET TO GROW – Currently 4 per cent of Chinese have a passport.  This is expected to grow to 20% by 2025.  (HB-Today Sat 05-03-2016 P 3)

Rental demand in Hawkes Bay

Over the past 12 months we have experienced increasing and unprecedented demand from tenants for rental properties in all categories. This morning’s paper hints again at one of the causes:

“Migration still climbs

New Zealand saw another record net gain in migrants of 65,900 in the year to January,driven by increased arrivals from asia and Australia. The annual gain in migrants has set records for the past 18 months. Arrivals rose 10 per cent to 123,000 in the January 2015 year, while departures fell by 1 per cent to 57,100.” (Source: HB Today 26-02-2016)

We are actively looking for rental properties to manage!