Uplift in Hamilton housing market; consistent demand for high-end homes

Hamilton, New Zealand – Lodge Real Estate’s managing director, Jeremy O’Rourke, said today there was a marked uplift in the Hamilton housing market between August and September 2014, with a notably buoyant supply and demand for high-end properties.

“September’s statistics indicate the busy spring to Christmas period has begun. The total number of houses sold in Hamilton during September was 229. Notably, 43 of those homes sold were in the over-$500,000 bracket. This continues a trend which began over the winter period with 44, 32 and 40 homes sold in that price bracket in August, July and June respectively.

“Activity in the high end of the market shows buyer confidence,” explained Mr O’Rourke.

Hamilton’s median house price for September, as reported by the Real Estate Institute of NZ (REINZ) today, was up dramatically to $375,000. This compares to $346,500 in August 2014 and $355,000 in September 2013.

Mr O’Rourke said that several market conditions were working in conjunction to create a positive outlook in the city.

“Elections are out of the way. Interest rates are holding steady and we’re seeing banks are much more confident to lend than they were, say, six months ago. All of these factors are creating a buoyant optimism with both buyers and sellers in Hamilton city,” said Mr O’Rourke.

He said buyers are in competition in the city’s auction rooms at a heightened level, particularly for homes in popular city locations.

“Homes in areas such as Queenwood, Rototuna, Hamilton East and the central city are attracting a lot of keen buyers who are competing with each other on auction day. This is leading to quality homes going for prices well above reserves,” said Mr O’Rourke.

He indicated that newly renovated properties in established suburbs were also extremely popular with buyers at the moment.

New homes listed on the Hamilton market during the month of September were up to 290 from 283 in August.

The total number of homes for sale in Hamilton during September were 895, up from 883 in August.

Lodge Real Estate is Hamilton city’s largest real estate agency by volume with over 35% of residential market share. For the latest REINZ market data, visit www.reinz.co.nz .

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