Wellington Property Investors' Association

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13-12-2012

Hamilton market strengthening: Agency

Landlords.co.nz

The number of houses sold in Hamilton this year was a quarter more than sold in 2011, but prices aren’t yet picking up pace, a real estate agency says.

Lodge Real Estate in Hamilton, the city’s largest agency by volume, said more houses were coming on to the market.

Jeremy O’Rourke, the firm’s managing director, said:  “Interesting enough, stocks are also rising, which is providing good choice for home buyers. We haven’t seen upward pressure on house prices just yet, but we are seeing signs that higher prices could be on the cards for the first half of 2013.”

Hamilton city’s median house price for November was $334,000, slightly down on October’s median price of $338,000.

The median time to sell a home in Hamilton has fallen from 34 days in October to just 30 days in November, below the national median of 33.

Mr O’Rourke said Lodge was also seeing a strong demand for sections throughout Hamilton.

“In addition to sections being in high demand up north, sections on the western edge of the city are also going quickly. We’ve just started selling sections in a new subdivision at Iris Place in Hamilton West and they are being snapped up.”

Source: Landlords.co.nz

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