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First home buyers & investors drive Hamilton housing market

First home buyers and investors drive Hamilton housing market

• Hamilton market sales were 246 homes in February 2013; compared with 180 in January 2013 and 247 in February 2012
• Hamilton city median house price for February 2013 was $334,000; up on $320,000 in January 2013 and up on $316,000 in February 2012
• Median time to sell a Hamilton home in February was 38 days; compared with 41 days in January 2013 and 46 in February 2012

Hamilton, 12 March 2013 – The number of homes sold within Hamilton city during February 2013 was 246, as reported by the Real Estate Institute of NZ (REINZ) today.

This month’s sales compared to 180 homes sold in the city during January 2013 and 247 one year ago during February 2012.

Jeremy O’Rourke, Managing Director of Lodge Real Estate in Hamilton, the city’s largest real estate agency by volume, says, “First home buyers continue to be active in the Hamilton market. With the Reserve Bank considering using alternative tools to control the housing market, perhaps by controlling loan-to-value ratios, some of these buyers are feeling a sense of urgency to purchase now.

“Additionally, each month we’re seeing more and more investors coming back into the market. City residential properties represent great value for money for investors at the moment. We’re even seeing investors coming in from outside the area,” he explains.

The median house price for Hamilton city was $334,000 for February. This compares to $320,000 in January 2013 and $316,000 in February 2012.

“If you look at the past five-month period, Hamilton’s housing market statistics are the best they’ve been since the end of the real estate boom. This proves the market continues to consolidate its recovery at a strong, steady pace,” say Mr O’Rourke.

Home prices in most Hamilton suburbs remain on par with January. Flagstaff, Hamilton East, Hillcrest and the Central Business District are the exception with each seeing a slight lift in sale prices.

Mr O’Rourke said the future of the Hamilton residential housing market is quite clear.

“Hamilton’s buyer base is strong and the number of homes being listed is also stable. We’re seeing a lot of confidence in the market and expect this to continue as we progress into the second quarter of 2013.”

ENDS

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