Hamilton market heating up: Agency

Monday 12 November 2012

Hamilton's housing market is picking up pace, according to the city's biggest real estate agency.

Lodge Real Estate managing director Jeremy O'Roukre said:  "October home sales were up 27% on September. All Hamilton real estate agencies combined sold a total of 249 homes in October - a good jump from 196 sold in September."

He said the lift was being seen across all suburbs and price ranges.  "We’ve had improved enquiry and several sales in the top end of the market, while lower end sales are also strong. And, while in previous months’ price gains were made in isolated suburbs such as Hamilton East and Hillcrest, there is now pricing pressure building across the board in most Hamilton suburbs during October."

The number of houses available for sale in Hamilton city by Lodge increased slightly to 955 in October, up from 945 in September.

It follows data released from Quotable Value, which showed values up 1.9% over the past three months and 5.7% over the past year. As a result, values are now 1.1% above the previous market peak of late 2007.

QV's research director, Jonno Ingerson, said there had been a late spring surge in activity but a lack of listings was driving prices up.

“Although the nationwide increase in values is largely being driven by Auckland and Canterbury, there are some signs that other main centres and provincial cities are increasing in value also," he said.

Ingerson said low interest rates were encouraging first-home buyers and investors.

Values in the wider Auckland area rose 3.3% over the past three months and 9.2% over the past year.

Values in Hamilton are generally still rising with a 3.1% increase on last year and 0.5% increase over the past three months.

Property values in Tauranga had been up and down over the past six months, QV said,  but the most recent months had seen a slight increase to leave values 2.2% up on last year.

Values in the Wellington area increased for the second month in a row after being stable for the previous six months and as a result are now 2.4% up over the past year.

Christchurch values continue to rise with the past 12 months seeing a 5.9% increase, and the past three months a 1.8% rise. Christchurch now sits 3.8% above the 2007 peak.

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