Hamilton Real Estate Market Sees Surge in Auction Numbers in November

“We are seeing up to 10 properties going to auction some weeks and clearance rates of between 60 to 70 percent which is giving agents confidence to take properties to auction,” says Jeremy.

November has seen an uptick in Hamilton’s housing market with more properties going to auction and more than 60 percent of them selling under the hammer.

Lodge Real Estate Director Jeremy O’Rourke says there has been an increase in vendors choosing to go to auction with good numbers being listed every week through to December 20.

Lodge Real Estate has moved into new offices at 28 Harwood Street in Hamilton and will be holding their first auctions in the new building this week.

“We are seeing up to 10 properties going to auction some weeks and clearance rates of between 60 to 70 percent which is giving agents confidence to take properties to auction,” says Jeremy.

“This is being driven by people who have moved to Hamilton either in 2022 or at the start of this year and have been renting. They have watched the market and now they are looking to buy. Finance is also becoming easier to obtain so they can go unconditional,” says Jeremy.

“If sellers are meeting the market with realistic prices, properties are selling.”

Property sales for November are 269, compared to 232 in November 2022. Total sales for the year are expected to be 2293, compared to 2222 for 2022 (both figures are for the January to November period).

Properties were selling across the price spectrum ranging from the $500,000 bracket for first-time buyers to the $2 million to $2.5 million price range. Figures from CoreLogic show house prices rose 0.9 percent in Hamilton in November, the highest increase of the main centres behind Dunedin which rose 1.9 percent.

The median price in Hamilton is currently sitting at $755,000, down from $790,000 in November 2022.

The segment not doing as well currently was infill townhouses.

“There is a bit of a glut in the market with infill townhouses currently and they are not moving as fast. This may change as investors come back into the market,” says Jeremy.

If townhouses were removed from listings, Jeremy says Hamilton has low numbers of homes on the market and more listings would be needed to meet demand.

“If you are thinking of selling now is a good time for an appraisal to have your home ready for sale in the new year. We do expect another uptick in February after the holidays,” says Jeremy.