Statistics released by the Real Estate Institute of NZ (REINZ) today show Hamilton’s median house price has jumped once again from $510,750 in September to $518,000 in October.
However, the median in rural Waikato dipped from $380,000 in September to $375,000 in October keeping rural residential properties in an affordable range for many buyers.
Lodge Real Estate’s managing director Jeremy O’Rourke said first home buyers in particular are starting to look outside the city for their first home.
“First home buyers are prevalent in the market. However, unlike earlier in the year many are willing to sacrifice a commute to work in Hamilton for a more affordable house in the outlying villages of Whatawhata, Ngaruawahia, Horotiu and others.
“If you compare the market to just two years ago, in total these villages have experienced around twice as many sales in the past few months as we saw in the same period of 2014.”