Published on: 2014-11-21
Hamilton Residential Market Full of Keen Buyers
Lodge Real Estate’s managing director, Jeremy O’Rourke, said today that Hamilton home buyers are showing more urgency than previous months. He also said the improving market can lead to some vendors listing homes at unrealistic prices.
“October figures released today show the Hamilton residential property market is on an upswing. The median days to sell is falling, more properties were listed in October than past months, and buyers are snapping up quality houses.
“What we often see, however, when a market shows signs of recovery like we’re experiencing now is that vendors begin to list homes at unrealistic prices. Unfortunately, this leads to sellers missing out in a market where buyers are keen – they will simply look elsewhere. However, the market will sort this out as buyers show the prices they are willing to pay,” explained Mr O’Rourke.
Hamilton’s median house price for September, as reported by the Real Estate Institute of NZ (REINZ) today, was down to $356,900 from $375,000 in September 2014. This compares to $355,000 in October 2013 and reflects the renewed interest of first home buyers in the market.
There were 934 properties listed on the marketing during October, which is 6% higher than September 2014 and 10% higher than October 2013.
Mr O’Rourke said some traditionally popular city suburbs had fewer sales during October while others were in extremely high demand.
“Residential properties in Hillcrest are normally in very strong demand, but that suburb was a bit quieter during October. Glenview and Frankton were the stand-out suburbs this month as first home buyers and investors recognised the value in these markets. There was also strong buyer demand in Hamilton East as an increase in the number of properties listed in the suburb was snapped up by waiting buyers.” said Mr O’Rourke.
He said buyers remain in competition in the city’s auction rooms. “Buyers continue to surprise us with high quality and unique properties achieving results well above reserve at auction,” explained Mr O’Rourke.
Homes listed new to the Hamilton market during the month of October were up to 335 from 290 in September 2014.