Despite challenges in the property market throughout 2024, Williams Harvey Valuers demonstrated remarkable resilience, achieving consistently solid performance even in the face of limited stock and high interest rates.
Director and valuer Paul Harvey says he was “pleasantly surprised” by the sustained level of instructions throughout the past ten months. Williams Harvey, based in Hastings, is one of the region’s oldest and most established valuation businesses.
Looking ahead to 2025, Paul identifies evolving compliance requirements as a primary challenge for the industry. Major retail banks are intensifying their reporting requirements, particularly in the commercial sector, while International Valuation Standards (IVS) updates introduce subtle yet important changes to valuation practices.
“These changes, while nuanced and perhaps insignificant to the layperson, require additional time for proper consideration,” Paul explains. “Between the demands of bank panels and professional standard requirements, our focus is on delivering a top-notch product at fee levels the market can sustain.” This creates a delicate balancing act between maintaining service quality and managing costs in an economically sensitive environment. However, the outlook for 2025 appears promising.
Paul anticipates that lower interest rates will significantly impact the property market, boosting confidence and improving affordability for potential buyers while providing relief to existing mortgage holders through increased disposable income.
In response to growing industry demands, Williams Harvey Valuers is strategically positioning itself for the future by examining operational efficiencies to optimize both turnaround times and costs.
Regarding the broader Hawke’s Bay economy, Paul advocates for a more positive, can-do attitude, especially in his home town of Hastings. “We need to be a place that says yes we can do that, rather than always thinking of the negatives,” he emphasises.
He commends the stable Hastings District Council leadership that has enhanced the CBD and calls for continued community support of local businesses to maintain this momentum. On a personal level, Paul acknowledges the perpetual challenge of work-life balance in the industry. “Taking regular breaks and enjoying where you are at helps put everything in perspective,” he says.
