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First Home Buyers Should Act Now!

4th Jul 17

If you’re a first home buyer in Hamilton now’s a good time to act, according to two leading city realtors.

The departure of investors in the Hamilton market has played a big part in prices plateauing, according to Lodge Real Estate’s managing director, Jeremy O’Rourke and Harcourts’ general manager, Brian King. 

Increases in house prices over the last year or so have put even modest homes out of reach for many potential first home buyers.

But Jeremy said a combination of factors have created an excellent opportunity for first home buyers in Hamilton.

“First home buyers interested in purchasing a home in the Hamilton market have a great opportunity to do so while prices have plateaued,” he said.

“There are numerous low to mid-priced homes currently listed on the market at more realistic price points than what we were seeing 12 to 18 months ago."

“So, our message to first home buyers at the moment is: This is not the time to be cautious. Although prices have eased off a bit, history tells us they will rise again. If you’re a first home buyer, this is not the time to wait and see what happens in the market. It’s time to act,” he said.

Brian King said some of the energy has gone out of parts of the Hamilton market.

“The huge influx of Auckland investors seems to have disappeared and that’s very good news for first home buyers."

“We were being driven by a huge influx of Auckland investors who were coming here and picking the eyes out of the market. But now locals have an opportunity.”

Jeremy said loan to value ratio (LVR) restrictions which came into force last year certainly have dampened investor activity in the market.

“For the past few years, investors really were severely hampering first home buyers’ abilities to purchase as they were competing directly with them. That’s not the case at the moment,” he said.

Jeremy and Brian both agreed that migration into Hamilton will boost future prices.

“There are still many people relocating to Hamilton to work which tells us the market will remain strong,” said Brian.

“Our feeling is that it will be steady as she goes throughout the winter. Around the end of September to December we will have a rise in the market again coinciding with spring. In that sense, we are going back to a traditional market.”

Real Estate Institute of NZ (REINZ) figures for May show Hamilton city’s median house price for the month was $534,500, compared with $535,000 in April. The number of homes sold in Hamilton was up from 240 in April to 309.

Jeremy said there are many homes listed on the Hamilton market, with 692 currently available for sale in the city.

“Properties are sticking around longer. It’s currently averaging 37 days to sell a property in Hamilton, which compares with 24 days to sell in May 2016."

“Some vendors are getting ahead of the market and listing their homes at ambitious prices, which can delay sales,” he said.

 

For the full article, visit the Waikato Business News website or click here.

 

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Filed under Hamilton / Waikato \ Real Estate

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