by Miriam Bell
In September, a record 499 Hamilton houses were listed for sale on realestate.co.nz, according to a Lodge Real Estate report.
The agency’s managing director, Jeremy O’Rourke, said the local market has never before seen such a high number of residential properties come onto the market in one month.
A number of factors were contributing to the record number of listings – including the media spotlight on record sale prices in Hamilton, he said.
“Vendors are wanting to take advantage of the buoyant market.”
According to the latest REINZ data, Hamilton's median selling price hit $425,000 in September.
This was a year-on-year increase of 13.3% from $375,000 in September 2014 and an increase of 2.3% on August.
Further, the latest QV data shows that Hamilton houses had a 9.0% gain in average value, to $416,290, over the three months to September.
O’Rourke said it is likely an even higher listings record will be set over the next few months.
In the first 12 days of October, 175 houses were listed and, historically, November is the biggest month for listings in the city.
But this could make for a decrease in Hamilton’s rate of price growth - as the more stock on market the less the pressure on prices, he said.
“We will certainly still see prices continue to rise, but the rate of those rises should level out as we head into the start of summer.”
O’Rourke warned Hamilton property owners wanting to sell against being greedy.
Clearance rates in the city’s auction rooms have dipped slightly as vendors hold onto unrealistic price expectations, he said.
“It’s simple economics of supply and demand – if buyers have more stock to choose from, they won’t make buying decisions as quickly.
“There is a lot more quality stock on the market, so vendors need to keep their price expectations within reach of buyers if they want to sell in a reasonable timeframe.”
| « “Halo” effect drives prices to record highs | Auckland juggernaut powers on » |
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