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Hamilton's Median House Price Keeps Pace with NZ Median

19th Nov 16

Real Estate Institute of NZ (REINZ) statistics released in October show Hamilton’s median house price of $510,750 is keeping pace with the New Zealand median.

Lodge Real Estate’s managing director Jeremy O’Rourke said July 2016 was the first time since August 2008 that the city’s median house price had been above the New Zealand median for several months in a row.

He said Hamilton’s median house price is now keeping pace after being a considerable laggard.

“From this one statistic, we can determine a few key facts about Hamilton’s property market."

"First it’s a sign of increased demand for properties in the city.  It also proves buyers find great value in Hamilton properties while also appreciating the lifestyle benefits the city provides."

“Hamilton’s median being at this sustained record level also demonstrates the confidence both buyers and sellers have in the Hamilton residential property market.  We don’t anticipate the median will dip anytime soon,” said Mr O’Rourke.


The past year has seen extremely sharp rises in Hamilton’s median house price.  In May 2015, the city’s six-month, rolling average median house price was nearly 20 percent lower than New Zealand’s.

“Given the rate of growth Hamilton has had, we’d expect over the next four to eight weeks we’ll start to see a slower rate of increase in the median, but it should continue rising month on month,” said Mr O’Rourke.

He said a contributing factor to the rising median was that there have been fewer sales in the $300,000-$450,000 price bracket.

“With investors pulling out of the market due to new loan-to-value ratio (LVR) restrictions, we’ve seen a decrease in the number of homes sold in lower price brackets.”

Currently, some of the highest demand residential properties in Hamilton are family homes on large sections.

“We’re finding at the moment the properties that are commanding the best prices are four to five bedroom homes on larger sections in some of the city’s established suburbs. These properties are quite unique and are in high demand.”

 

* Courtesy of Waikato Business News

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Filed under Hamilton / Waikato \ Real Estate

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