More time taken to sell homes
Wet weather coupled with public and school holidays meant fewer homes were put on the property market and it took longer for them to sell.
But overall in April, median property prices in the Waikato increased by 22 per cent, or $89,200, when measured against the same month in 2016. The median price for a property in the Waikato was $489,200 in April 2017.
Median prices in Matamata-Piako increased by 39 percent. The median price for a property for April was $486,000, compared to $430,750 in March, and $349,000 for April 2016.
The figures were part of REINZ’s May 2017 report, which reviewed details of the market for April.
While prices increased, sales volumes in April fell 29 per cent across the Waikato, when compared to March, and fell by 38 per cent when compared to April 2016.
The number of days to sell a property in April eased by three, compared to March, from 34 to 37. The number of days to sell eased by six when compared to April 2016.
In Matamata-Piako, 31 properties were sold in April, compared to 53 in March and 73 in April 2016.
Harcourts Kevin Deane Real Estate owner, Andrea Deane, said buyers in Matamata, Cambridge and Morrinsville were being cautious and putting more conditions into their contracts.
This in turn meant properties were taking longer to sell as the contracts took longer to finalise.
‘‘But there is still a lot of interest in open homes and everything will sell in the market.’’
Deane said the increase in prices meant some first-home buyers were seeking help from families to get into the market.
‘‘Prices have gone up to a level that is difficult for some first-home buyers. So they’re getting that support behind them to get the deposit but it’s also about the ability to service that debt as well.’’
People looking to escape the city were still keen on towns surrounding Hamilton.
‘‘It’s probably more Morrinsville and Cambridge, because of that commuter time. They are wanting good schools and lifestyle out of the city.’’
There was a mixture of old and newer homes on the market and owners had prepared their properties to attract buyers.
REINZ Waikato spokesperson Trent Finlay agreed the poor weather conditions in April contributed towards lower volumes and more days to sell.
‘‘Properties get wet and it’s impossible to show them. We had Easter, school holidays which does mean sales activity is quiet for a while.
‘‘But what I expect to see in figures for May is that sales would have bounced back. Listings and supply in the region will slightly lift.’’
Finlay agreed home hunters were looking to move out of Hamilton and into the region’s rural towns. It’s a trend that would continue.