Record property prices for Waikato
Record property prices in the Waikato have seen the average sale price for the region hit $500,000 for the first time.
REINZ data for the year to October show prices in the region rose
9.9 per cent compared to a national median price increase of 3.9 per cent. Prices rose 61 per cent in Waitomo, 44 per cent in Otorohanga and 27 per cent in Taupo.
REINZ chief executive Bindi Norwell said Waikato is the sixth region in the country to have exceeded the half a million dollar mark at least once. But REINZ’s Waikato regional director Philip Searle warns house values could drop as a ‘‘knee-jerk reaction’’ to the new government. Yet he predicts new interest in Hamilton in the New Year as Aucklanders continue to struggle with high prices.
In Hamilton, the average sale price of $535,000 is only slightly up on September figure of $533,000. However, sales volumes dropped
15 per cent in October due to the election hangover and school holidays, said Lugtons Real Estate managing director Simon Lugton in his analysis on the REINZ data.
Just 237 houses were sold in October 2017 compared to 278 in October 2016.
‘‘So the lower volume of 237, down on the previous month and same time last year, was not a huge surprise,’’ Lugton said. The spring flourish in the market appears delayed and Lugton expects to see a flow of new stock to the market.
‘‘The supply of available housing in Hamilton freed up noticeably in October with the late spring listing surge.
‘‘Auction listing numbers flowing through have increased dramatically in past weeks also. Auction sales as a percentage of the total in October was just under
22 per cent.’’