Sleepy September but spring rally expected for Hamilton housing market

Lodge Real Estate’s managing director Jeremy O’Rourke says buyer and seller activity in Hamilton’s housing market was slow during the month of September.

“As we anticipated, the market was distracted by the election. This led to a lull in buyer and seller activity, which continued through the end of the September as we awaited negotiations following the special vote count.

“However, agents across the city are starting to see a slight rally that we expect should result in a marginal increase in the number of listings and home sales for October,” says Mr O’Rourke.

Statistics by the Real Estate Institute of NZ released today show the number of homes sold in Hamilton during September was only 254, down 17% compared to one year ago although on par with August figures.

Hamilton experienced a record median house price during August 2017 at $546,500. For September, the median sits at $542,500 – up from $510,750 one year ago.

O’Rourke says the general apathy gripping the Hamilton market over the past few months has led to fewer homes being listed.

Realestate.co.nz statistics show the number of homes listed in Hamilton during the month of September was 345, which is down 19% as compared to one year ago.

“With buyer urgency expected to pick up and a lack of homes available for sale, this will create strong competition for quality homes.

“Buyers at all price points will become more urgent as summer holidays loom. This time of year we always see a trend where people are looking to move home and purchase their next one, so the transaction is completed before the summer holidays.

“With only a little over two months until Christmas, springtime buyer urgency should affect Hamilton’s market activity in the near term,” says Mr O’Rourke.

He says several parts of the Hamilton housing market are experiencing stronger sales than others, with a surge of buyer activity happening above the $800,000 price-point.

He said demand for lock-and-leave city living townhouses and apartments are also in strong demand.

Additionally, homes within the Rototuna Junior/Senior High School zone are fetching top dollar.

For the latest REINZ market data, visit -

www.reinz.co.nz.

ENDS

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