Lodge Real Estate’s managing director Jeremy O’Rourke says the number of million dollar homes sold in Hamilton city increased six-fold within the past five years, reaching an all-time high number sold in the city during 2017. He predicts 2018 will be another record-breaker.
“In 2013, there were 11 million dollar homes sold within Hamilton city, representing .4% of all home sales. During 2017, that number rose to 76 which was 2.5% of all sales,” says O’Rourke. “At the start of 2018 we’re seeing strong interest in homes within this upper bracket of the market, which means they’re fetching top dollar.”
Despite strong home sales in the million dollar plus bracket, Hamilton’s median home price remained steady during February at $520,000 as reported by the Real Estate Institute of NZ (REINZ) today.
While house prices are rising at the top end of the market, O’Rourke says house prices have remained relatively steady over the past few months in other price brackets.
“There are many more homes listed for sale in Hamilton than we had last year at this time. That means buyers have greater choice and when they are exposed to more listings they can afford to take the time to make their purchasing decision.
“With more homes available for sale, and buyers feeling less urgency, there is less upward pressure on prices in most sectors of the market,” says O’Rourke.
REINZ reports the number of homes sold in Hamilton rose to 294 during February from 162 during January. This compares to 262 homes sold during February 2017.
For the latest REINZ market data for Hamilton, visit www.reinz.co.nz.