Hamilton has felt the full force of the October upswing, recording a 13% rise in houses listed for sale on September 2018 and a 13% year-on-year increase on October 2017.
Over 410 homes were listed for sale in Hamilton the previous month, and sales were also strong with a total of 300 homes being sold in the city - a solid increase on the 345 sold the previous month. According to Lodge Real Estate managing director Jeremy O’Rourke, the amount of people looking to purchase in Hamilton is a sign of “confidence and vitality” in the city.
“Hamilton has bounced back from a slow winter period,” O’Rourke said. “There’s a lot of positive momentum heading into the summer. This is contrary to what is happening in many other New Zealand markets, particularly those in parts of the country south of Hamilton where listings and sales are holding relatively steady or dropping off.”
O’Rourke says that the smaller towns surrounding Hamilton are also benefiting from the uptick, with many recording their strongest months this October. Cambridge saw 66 house sales - the highest since 2014 - and sales activity in Morrinsville, Ngaruawahia and Te Awamutu is also going strong.
With regards to the upswing, O’Rourke says it is down to strong market confidence on the part of buyers.
“Home prices are relatively stable, so buyers are attracted to predictability,” he stated. “Plus, there is confidence in the market - buyers know they’ll get a steady and positive return on their home investment because the local economy is thriving and predicted to grow.
“Additionally, Hamilton’s market has seen virtually no material impact following the new Overseas Investment Office rules which came into force in October and restricted foreign investment into property.
“Quite frankly, the sun is shining and the weather is warm. Believe it or not, great spring weather often leads to strong sales activity.”