REAL ESTATE

Jeremy ORourke Managing Director Lodge Real Estate Hamilton. Jeremy ORourke Managing Director Lodge Real Estate Hamilton. CREDIT: Lodge Real Estate (Hamilton) Ltd, Hamilton

2012 Hamilton house sales up 25% on last year

Friday 14 December 2012, 1:42PM
By Lodge Real Estate (Hamilton) Ltd, Hamilton
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HAMILTON

Lodge Real Estate in Hamilton, the city’s largest agency by volume, reported today the number of house sales in the city are up 25% on last year.


“Comparing the first eleven months of 2012 to the same period last year, the number of sales in Hamilton city is up significantly at 25%.

“Interesting enough, stocks are also rising, which is providing good choice for home buyers.  We haven’t seen upward pressure on house prices just yet, but we are seeing signs that higher prices could be on the cards for the first half of 2013,” explained Jeremy O’Rourke, Managing Director.

Hamilton city’s median house price for November was $334,000, slightly down on October’s median price of $338,000.  REINZ reported on 11 December that the national median house price for November hit a new record of $383,250 (http://goo.gl/jceHg).

The median time to sell a home in Hamilton has fallen from 34 days in October to just 30 days in November.  This differs significantly from the national median, which REINZ reported on 11 December was 33 days in November (http://goo.gl/jceHg).

“With our median days to sell being so much less than the national average, this points to the fact that there are a number of urgent buyers in the market competing for properties.  This competition, coupled with a median house price that hasn’t shifted significantly in a few months, means Hamilton city homes are a great value at the moment,” explained Mr O’Rourke.

Mr O’Rourke said unique properties were continuing to surprise agents with the premiums they command.  “If you have a really special property with unique character, it’s a great time to sell.  We’ve been surprised by several one-of-a-kind homes recently that have sold at prices that greatly exceeded owners’ expectations.”

He said Lodge was also seeing a strong demand for sections throughout Hamilton.

“In addition to sections being in high demand up north, sections on the western edge of the city are also going quickly.  We’ve just started selling sections in a new subdivision at Iris Place in Hamilton West and they are being snapped up,” said Mr O’Rourke.