November was highest month in 2015 for million dollar house sales in Hamilton
Lodge Real Estate's managing director Jeremy O'Rourke, today said six (6) houses sold above the million dollar mark in Hamilton during the month of November 2015. This was a record month for sales at this level for 2015.
"Throughout 2015, the Hamilton market has averaged just over two homes a month sold above the million dollar mark. Last month there were six.
"That's a significant jump and is a good reminder that the Hamilton market is quite strong at both ends of the property scale – first home buyers and investors are not the only buyers active in our market," Mr O'Rourke explained.
He also said the city suburbs where homes command top dollar are shifting.
"Obviously, high quality river- and lake-front properties in Hamilton continue to achieve sale prices at the million dollar level or higher. But we are beginning to see several new suburbs with properties commanding sale prices of $800,000 or more.
"For example, newer Northeastern suburbs are seeing homes listed at prices we've never seen before," Mr O'Rourke said.
On the other end of the property scale, Hamilton homes selling at under $300,000 only represented 10% of residential sales in November, whereas this lower segment of the market represented around 30% of residential sales at the start of 2015.
Hamilton's residential median has pulled back from its all-time-high of $435,000 in October 2015 to $425,000 in November.
"The Hamilton market has experienced a 24% increase in the city's residential median since March 2015. What we've seen happen in November is buyers showing resistance to these month-on-month increases.
"However, new listings coming on to the market have slowed. This means, once again, we'll see upward pressure on prices after the holidays when buyers are back in force and supply is low.
"Hamilton's residential median is still around 10% below the New Zealand median, so the city is viewed as a highly affordable market. Great values still exist and as more and more residential buyers recognise this value, the median should rise once again," said Mr O'Rourke.
For the latest REINZ market data, visit www.reinz.co.nz.
-ENDS-
MEDIA CONTACT: Jeremy O'Rourke, Managing Director, Lodge Real Estate (Hamilton) Ltd,
021 613 054, Jeremyo@lodge.co.nz