Published on: 2015-04-16
Hamilton House Sales Surge - Median Price Drops
Lodge Real Estate’s managing director, Jeremy O’Rourke, said today the drop in Hamilton’s median sales price for the third month in a row reflects strong activity at the lower end of the property market.
Hamilton’s median dipped to $350,000 for the month of March, compared to $352,000 in February. Hamilton’s median in March 2014 was $375,000.
“As we’ve been saying for quite a few months now, first home buyers and investors are back in the Hamilton housing market in a big way. Strong buyer demand and resulting sales happening in the $250,000 to $325,000 range is bringing the median down month on month.
“However, the median isn’t reflective of what’s happening in the middle to upper end of the market where sale prices are lifting sustainably each month.
“Interest in the upper end of the market surged during the month primarily as a result of the number of properties in this category which entered the market during February. Buyer interest in this range remained strong,” he said.
However, he went on to comment that “Some of these very high end properties aren’t commanding the same price they would have at the height of the market, say five to seven years ago,” he said.
Sales were very strong in Hamilton during March, with 329 properties sold in the city during the month. This compares to 309 properties sold during February and only 257 sold in March 2014.
320 properties came onto the market during March, however houses available still outstrips demand.
“Toward the end of March and into April each year, we will typically start to see less properties coming onto the market. However, with the long summer, people listed their properties a bit later. This late start to market activity following the summer holidays has meant we haven’t seen listings taper off yet.
“However, demand still outstrips supply. The next few months would be a great time to list a property in Hamilton as there will be less competition from other buyers as we head into the winter months,” Mr O’Rourke explained.
The start of 2015 has seen a lot more developer activity in Hamilton as compared to 2014.
“We are working with many more developers than we were at this time last year. And it’s great to see the range of innovative residential housing currently being built and in the planning stages. This is reflective of how the Hamilton market is becoming a more mature metropolitan market in terms of the living options on offer to homeowners,” said Mr O’Rourke.