Admittedly the turnaround in Hamilton’s housing market has suffered a couple of false starts, but it now seems the city’s residential activity is genuinely heating up.
Twelve months ago the market became excited as volume increased. First-home buyers were entering the market. And, at the time, there was a variety of investment properties available for sale; when these properties sold investors did the prudent thing in paying down debt.
However, this investment stock has now well and truly cleared. Today we’re seeing first-home buyers buying the homes of first-home sellers, who are in-turn on-buying. We’re therefore seeing renewed activity, and momentum, across all market sectors.
There is downward pressure on the number of properties available for sale. Buyers still have choice, but they’re acutely aware that the options available to them are diminishing by the week as supply tightens. Consequently we’re noticing, among buyers, significantly more urgency to commit.
Auction clearance rates have improved markedly over recent times, with many more bidders evident in rooms. Our sales force continues to field strong enquiry from buyers when it comes to auctions; from time-to-time the price paid for some houses has surprised the team (on the upside).