Heat showing IN HAMILTON property sales
A winter of pent up frustration has been released as property sales heat up.
A lack of stock in the Hamilton market, during the colder months, had buyers sitting on their hands.
But figures release by REINZ show sales volumes jump in November by 20 per cent on the year before – the buyers are back in the market said Lodge Real Estate managing director Jeremy O’Rourke.
‘‘There was a degree of frustration because people were wanting to make a move, wanting to do things, but the properties just weren’t there,’’ O’Rourke said.
‘‘Now that they are, we are seeing a bit of a catch up from the fall in sales that occurred during that middle of the year period.’’
In the 12 months to November, the number of sales in Hamilton Hamilton went from 264 in 2017 to 317 in 2018.
The Median Sale Price for November settled on $555,000 – back from $568,000 in October.
O’Rourke said no stock during the winter meant there was no lubrication in the market. Everything shut down.
‘‘We said a couple of months ago that once stock hits the market, the demand is there for it and that’s exactly what we are seeing,’’ he said.
Lugtons Real Estate managing director Simon Lugton said those buyers have ready access to money.
Banks are competitive and the LVR lending criteria has eased giving the tail-end of the year a noticeable kick.
‘‘It’s pretty vibrant,’’ Lugton said. ‘‘I still think there are, certainly, buyers out there making decisions.
‘‘There is definitely a little bit of heat in the market and I think signs are pretty good for summer into autumn next year.’’
There are about 10 weeks of supply based on current sales volumes.
A particularly strong segment of the market was properties in the $600,000 to $800,000 price bracket which accounted for 30 per cent of all Hamilton sales in November.
‘‘It’s a mixture of a lot of people trading up. Not so many first home buyers although there will be some. It is probably people moving up to second or third property.’’
Harcourts general manager Brian King said the market is looking strong.
‘‘We feel we’re busy but I didn’t think we were that busy,’’ King said. ‘‘The last 3 or 4 months have been exceptional.’’
With just days until Christmas, he expects buyers to continue the rush until the last minute.
‘‘There is always a rush now,’’ he said. ‘‘People have an eye on buying before Christmas with a view of settling before Christmas or before schools go back in January.’’