Hamilton’s housing market springs into Spring

MEDIA RELEASE
9 November 2012

Hamilton’s housing market springs into Spring

Hamilton, New Zealand - Lodge Real Estate in Hamilton, the city’s largest agency by volume, reported today that residential housing sales volumes are up and properties are selling faster than previous months.

“October home sales were up 27% on September. All Hamilton real estate agencies combined sold a total of 249 homes in October – a good jump from 196 sold in September.

“The buoyancy in the market is being felt in all sectors and across all suburbs. We’ve had improved enquiry and several sales in the top end of the market, while lower end sales are also strong. And, while in previous months’ price gains were made in isolated suburbs such as Hamilton East and Hillcrest, there is now pricing pressure building across the board in most Hamilton suburbs during October.

“November has also started off really strong. All numbers are pointing to a continued, sustained recovery in the Hamilton housing market overall,” explained Managing Director of Lodge Real Estate, Jeremy O’Rourke.

On 8 November, the Real Estate Institute of New Zealand (REINZ) reported the average number of days taken to sell a home nationally was 32 days in October. The average number of days it took to sell a home in Hamilton during October was 34, an 8-day shorter period than the same time last year.

The number of houses available for sale in Hamilton city by Lodge increased slightly to 955 in October, up from 945 in September.

The Real Estate Institute of NZ (REINZ) reports that the national median house price increased by $9,000 from $371,000 in September to a new record high of $380,000 in October. Hamilton city’s median house price was $338,000 in October, up slightly from $332,750 in September.

“We are seeing an increase in buyer urgency in the market. That coupled with a relatively consistent number of homes coming onto the market each month is edging prices up across most suburbs within the city,” said Mr O’Rourke.

Lodge Real Estate predicted in September that rental rates would rise heading into summer, which, Mr O’Rourke said, is starting to happen.

“As we head into summer, we are seeing a higher demand for rentals in Hamilton. And, because our stocks are low, rental rates have started to rise.”

-ENDS-

October 2012 Hamilton housing marketing in brief:

• Total house sales in Hamilton during October were up 27% on September and 46% up on the same time last year
• Hamilton’s median house price in October was $338,000, compared with $380,000 nationally
• The average number of days to sell a home is 34 days, a 23.5% shorter period than the same time last year

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