Values of houses in Hastings district have fallen by close to 5-10 per cent in the last three years. It was revealed by the data collected by Quotable Value.
After revaluating the values for last three years, it was seen that the house prices have gone down by $293,268, a drop of 7.9 per cent since 2007. This is the time when the real estate boom happened.
Hastings is a large district and some of the coastal regions and parts of Flaxmere saw the value go down by 10 per cent. What is surprising is that the land value too has gone southwards.
Said Quotable Value Napier manager Bevan Pickett that there is nothing to be surprised about since the Hastings movement is following more or less the national trend.
Except for Nelson Park, value of land has decreased everywhere in Hastings CBD. In Nelson park, however, the rise is close to 20 per cent. Commercial and industrial properties too have seen a drop of 5.6 per cent.
The average lifestyle block is now being valued at $580,500, decrease of 5.8 per cent. Land values in these areas has dropped by 7.9 per cent to $319,000.
