Describes something freshly made and still hot or steaming (e.g. just out of the oven or pot).
ほやほやの焼きたてパンを袋に入れた。
I put the freshly baked, still-warm bread in the bag.
湯気が立っていて、ほやほやの鍋料理をみんなで取り分けた。
Steam was rising as we all helped ourselves to the still-steaming pot dish.
手に持つと、まだほやほやして温かい。
When I hold it in my hand, it's still warm and fresh.
Describes someone or something brand-new or inexperienced (e.g. a recent graduate or a newly married couple).
彼は大学を出たばかりのほやほやの新入社員だ。
He's a brand-new employee who just graduated from university.
二人は結婚ほやほやで、毎日楽しそうに話している。
The two just got married and talk happily every day.