Hamilton real estate predictions 2015
Published on: 2015-01-20
We looked into our crystal ball and came up with these predictions for the Hamilton housing marketing during 2015.
Look for city wide values to increase powered by immigration which is a primary driver of housing demand. Typically Hamilton is a laggard market for immigration. New migrants often settle first in Auckland before making their way south. Given that migration is at record levels we would anticipate that the Hamilton residential market will feel the effects during 2015. Salespeople are already experiencing increased demand from Aucklanders and we expect this to grow and add upward pressure to house prices throughout the coming year.
Banks are signalling the increased availability of money to first home buyers and we presume this will fuel activity in traditional first home markets – watch particularly for movement in Forest Lake and Frankton. Whilst city fringe suburbs have been popular throughout the year these two have been out of favour and we expect this to change as they still offer great value.
We fully expect gains experienced in suburbs such as Hillcrest, Hamilton East, Chedworth and Pukete to extend to markets such as Nawton, Melville and Dinsdale which appear to offer particular value for money at the moment. These three suburbs would also benefit from any increase in first home buyer activity.
The popularity of new housing in the north east of the city we expect will continue. Medians are already on the rise and this should continue as section prices and building costs continue to escalate. However, new houses on elevated sites in the west of the city are beginning to catch the interest of buyers. Watch values around Thornton and the newly developed Carlingford Rise.
A spate of renovations/rebuilds in Woodstock and Beerescourt has caught our eye and may point to increased values throughout these two suburbs in the coming year. When value is added to a number of properties in a neighbourhood it has the effect of lifting the values of all those properties around the neighbourhood as the desirability of the location improves.
Salespeople were busy during the traditionally quiet holiday period which indicates 2015 will see a lift in the number of properties sold.