MEDIA RELEASE

13 April 2013

Million dollar housing market heats up in Hamilton

Hamilton, New Zealand – The top end of Hamilton’s housing market is heating up with five homes over the million dollar mark selling in the city during March. This compares with only eight homes of similar value selling in the city during the entire 2012 calendar year.

Richard Lindsay, City Office Branch Manager of Lodge Real Estate in Hamilton, the city’s largest real estate agency by volume, said the phenomenon is one more sign that points toward a sustainable market recovery.

“During a recovery like we’ve been experiencing, we normally see positive movement at the bottom end of the market first. And progressively the market recovery at the bottom level kicks off recovery in the next highest pricing bracket and so on.

“With such a big shift in activity in the highest price bracket, we can take this as a good sign that each sector of the residential real estate market in Hamilton is now in recovery and the recovery rate should remain at a sustainable level for some time,” explained Mr Lindsay.

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