Lodge Real Estate’s managing director Jeremy O’Rourke says during November Hamilton’s residential property market became more active after a slower than normal spring.
“The word to describe November is: lubrication. Some grease has been put on the wheels of the market which were a bit slow moving in the spring and both buyers and sellers in Hamilton are out in force,” says O’Rourke.
The Real Estate Institute of NZ released its residential property data this morning [note: 13 December] and reports the number of sales in the Hamilton market rose to 261 in November as compared to 235 in October. Sale numbers are significantly down on November 2016 when 337 homes were sold in the city during that month.
However, Mr O’Rourke said the increased sales for November can largely be attributed to the last half of the month.
“Sales were still slow during the first half of November. The increased activity really came at the end of November and has continued into early December.
“Not only are buyers out in force, but the number of quality homes being listed on the market significantly increased during November as well. Agents in Hamilton had a combined 479 homes listed in Hamilton during November. This compares to 362 listed in October and 344 listed in September this year,” explains O’Rourke.
He says the end of December and January period is expected to be quiet as is normal during the summer break. However, he expects the Reserve Bank’s changes to the loan-to-value (LVR) ratio combined with more favourable bank lending criteria should serve to keep the Hamilton market buoyant well into the new year.
“We expect to see more first home buyers actively looking for their first home in Hamilton city from around 1 February and to remain active during the first quarter of 2018.
“We also expect to see more investors back in the market. And that will be welcomed news for renters as Hamilton is in dire need for more quality rentals to fulfil renter demand in the city,” he says.
Hamilton’s media house price fell during November to $530,000 from $537,000 in October. This is exactly on par with the median house price in November 2016.
For the latest REINZ market data for Hamilton, visit www.reinz.co.nz.
