Median house price and sales volumes slip in Hamilton housing market
Lodge Real Estate’s managing director, Jeremy O’Rourke, said today that Hamilton’s housing market is atypical for this time of year.
July’s figures were released this week by the Real Estate Institute of New Zealand (REINZ) and show Hamilton’s median house price slipped from $354,000 in June to $350,000. Only 201 homes were sold city-wide, down from 212 in June and 252 in May.
New homes listed on the Hamilton market during the month were up slightly to 225, from 203 in June. However, Mr O’Rourke said the listings are down significantly on 2013 figures.
“During July 2013, Hamilton real estate agents saw a combined 290 listings during the month. Last month’s listings of 203 homes is an incredible 43% fewer in number. What will be very interesting to watch is if listings follow the normal upward rise we typically see in September, October and November.
“At this point, we are predicting listings will not rise as sharply as last year,” he explained.
The total number of homes for sale in Hamilton has been decreasing from month to month, with 977 properties on the market in May, 917 in June and 833 in July.
“Discounting January of this year, when the median was low following slow sales during the Christmas period, Hamilton’s median house price hasn’t been this low since September 2013. For buyers, this represents better value than we’ve seen in over a year. We would recommend buyers make a move soon as historical trends show the median will likely edge upward as we head into Spring,” said Mr O’Rourke.
Homes with a listing price of under $200,000 represented 6% of July’s sales in Hamilton, double the usual number. Whereas homes listed between $400,000 and $500,000 only represented 16% of sales; in a typical month this bracket accounts for around 20% of Hamilton home sales.
Mr O’Rourke said although sales are slower compared to recent months, quality homes in sought-after suburbs continue to see competitive bidding at auction.