Lodge Real Estate’s managing director, Jeremy O’Rourke, said as predicted Hamilton’s housing market continues to shows signs of strength and sustainable recovery.
“It’s all good news for the Hamilton housing market at the moment. The median house price is up, sales are up and stocks are on the rise.
“In August, Hamilton’s median house was $327,500. In September it increased to $355,000 which it held during October. And now the figures released today by the Real Estate Institute of NZ show a further rise to $360,600. Based on this trend, we continue to predict prices will remain steady and strong throughout the summer.”
For three consecutive months, house prices are the highest they’ve been since the median hit $365,000 in 2007.
Throughout the past six months, a lack of quality housing stock has been an issue and has put pressure on the median house price as buyers were pushed into higher price brackets.
Mr O’Rourke said stock shortages eased in November, but didn’t bring with it an expected relief in the median price.
“Finally in November we started to see a good number of quality homes coming onto the Hamilton market. 885 homes were available for sale in Hamilton during November, which is up from 849 in October 2013.
“The increase in listings, however, did not ease pressure on prices. That makes us wonder what could have happened to the median price rise if stocks wouldn’t have taken such a positive jump this month,” he explained.
The number of homes sold in Hamilton during October 2013 was 277, as compared to 247 sold during October 2013.
Mr O’Rourke said there continues to be high demand for quality houses in Hamilton. “The city has continued to experience strong demand across all price segments although LVR restrictions have caused ripples for first home buyers. Demand is high and we predict it will remain high in the medium term.”