The number of houses for sale nationwide has reached its lowest level since recording started 13 years ago with just 449 houses currently for sale with agents in Hamilton according to realestate.co.nz.
Lodge Real Estate director Jeremy O’Rourke said there were approximately 269 houses listed for sale with agents in Hamilton during July, one of the lowest levels of listings on record, and down 30% when compared with July 2020.
“July is traditionally always a quieter time in the market, but stocks in Hamilton are at the lowest level in recent history and demand for housing is still increasing,” said Jeremy.
A recent Realestate.co.nz’s market report had just 12,932 homes available for purchase in New Zealand at the end of December, which is 29.1 per cent less than at the same time last year.
The report said stocks were down year-on-year in just about every region in New Zealand with 16 of 19 regions recording the lowest number of listings since records started the report said.
“The lack of properties for sale in Hamilton is putting real upward pressure on prices. We have a lot of buyers in the market at the moment, including first-home buyers wanting to get started on the property ladder and homeowners wanting to trade up or invest in rentals,” said Jeremy.
He said the lack of housing stock meant those wanting to sell so they could move into a new property were reluctant to put their property on the market for fear they wouldn’t find another property to buy.
“This hesitancy to list may be alleviated somewhat during the spring when the market traditionally picks up in September and October as more properties come on the market. But there’s no end in sight to price rises in the Hamilton market – it’s a simple supply versus demand equation,” said Jeremy.
He said people returning from overseas, mortgage rates that continued to remain low, and the fact borders remained closed so people couldn’t travel, would continue to push the market into record-breaking territory over the coming months.
Lodge Real Estate’s median house price for residential properties it sold in July was $795,000.
The Real Estate Institute of NZ announced last month that the June 2021 median house price in Hamilton was $770,000 while the national median house price in June was $820,000. The Auckland median price in June was $1,150,000 and in Wellington was $1,035,000.