Decrease in Hamilton’s median house price reflects strong sales at lower end of market

Hamilton, New Zealand – Lodge Real Estate’s managing director, Jeremy O’Rourke, said today the drop in Hamilton’s median sales price for the third month in a row reflects strong activity at the lower end of the property market.

Hamilton’s median dipped to $350,000 for the month of March, compared to $352,000 in February. Hamilton’s median in March 2014 was $375,000.

“As we’ve been saying for quite a few months now, first home buyers and investors are back in the Hamilton housing market in a big way. Strong buyer demand and resulting sales happening in the $250,000 to $325,000 range is bringing the median down month on month.

“However, the median isn’t reflective of what’s happening in the middle to upper end of the market where sale prices are lifting sustainably each month.

“Interest in the upper end of the market surged during the month primarily as a result of the number of properties in this category which entered the market during February. Buyer interest in this range remained strong,” he said.

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