Commentary
The coastal lifestyle, unpretentious quaint beach style accommodation, and convenience to both Hastings and Napier are what attract residents to Te Awanga. Te Awanga is now predominantly occupied by permanent residents.
Te Awanga residential property values have shown a high degree of stability in recent years. Values did fall from 2008 to a low in 2010, but the reduction was not to dramatic, and gently recovered lost ground through to 2014. From 2015 until the effects of Covid19 in early 2020 the market experienced strong value growth.
Property values in Te Awanga vary significantly due to the wide range of quality from modest cottages to substantial homes, and well as locational differences due to position and views. Add to this the low volume of sales in Te Awanga, and that results in a somewhat larger than normal variations in the median sale price (as shown on the graphs), that said, value growth is considered fairly consistent during that 2015 to early 2020 period.
The effect of Covid19 on the Te Awanga market is, as yet unclear, however the economic impacts of Covid19 will be widely felt and values may fluctuate in the short term.
In Te Awanga your valuer needs an understanding of what makes the market tick; the appeal of the quaint, imperfect cottage; the value of a view; an appreciation for erosion issues and coastal proximity.
