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Market factors align creating great opportunity for first home buyers in Hamilton

15th Jun 17

Lodge Real Estate’s managing director Jeremy O’Rourke says 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. There are a good number of low to mid priced homes currently listed on the market at more realistic price points than what we were seeing twelve to eighteen 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,” said Mr O’Rourke.

Mr O’Rourke said another factor creating a window of opportunity for first home buyers was the lack of investors in the market.

“The loan to value ratio (LVR) restrictions which came into force last year certainly have served to dampen 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.

He said a further factor that is likely to affect prices in the near future was migration – In particular, urban and northern migration.

“For some time, we’ve been seeing people moving from Auckland into Hamilton. Plus, people are moving from the south into Hamilton."

“We predict these two trends will continue long-term and many of these buyers often compete with first home buyers. This is just a further reason why first home buyers should consider acting now before this migration has a material effect on Hamilton house prices,” he explained.

The Real Estate Institute of NZ (REINZ) released its figures for May today showing Hamilton city’s median house price during May was $534,500, compared with $535,000 in April and $480,000 in May 2016. The number of homes sold in Hamilton was up from 240 in April to 309.

Mr O’Rourke said there is a good number of homes currently listed on the Hamilton market, with 692 homes 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 to 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.

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Filed under Hamilton / Waikato \ Real Estate

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