Average Hamilton property values have posted a 21 per cent rise in three-yearly council revaluations. There has been a significant increase in market activity over the past 12 month period, with an increase in prices being paid. The figures confirm rises in every suburb and come on the back of Auckland house hunters and investors priced out of their local market looking to buy more affordable properties further south.
On the other hand, the low number of new listings in July has meant that the number of houses sold in New Zealand during September decreased by -3.0% year-on-year. This was the lowest level number of properties sold since January this year, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.
Waikato Regional Commentary released from REINZ this month:
Compared to September 2017
• Median Price up 8.3%
• Sales Count up 9.1%
• Days to Sell increased 4 days
Compared to August 2018
• Median Price down 1.0%
• Seasonally adjusted median price down 1.9%
• Sales Count down 7.4%
• Seasonally adjusted sales count up 4.0%
• Days to Sell decreased 2 days
Our seasonally adjusted results tell us that, compared to what we expect when moving from August to September, the observed decrease in median price was in contrast to the expected small increase and the observed decrease in sales count was not as large as expected. The current Days to Sell of 38 days is less than the 10-year average for September which is 44 days. The level of inventory available for sale currently sits at 18 weeks, one and a half weeks more than in September 2017.
“The Waikato market saw a buoyant start to spring, continuing in the same pace it has been for the whole of winter with no signs of slowing down. There was a 9% increase in the number of properties sold compared to 12 months ago and auctions are still doing well, contributing to a higher number of cash buyers and they are spread across the market. September showed a more balanced demand across all price ranges and finance is being approved in most cases. There are still plenty of multiple offers with first home buyers trying to secure good properties. There has been an increase of local buyers compared to last month and it is good to see more listings coming on as the demand is still strong. Taupo’s affordability continues to attract investors and they are competing with first home buyers, which has caused the prices to go up. Other areas to record strong price rises during September were the Turangi-Tongariro, Putaruru and Otorohanga Wards. The Thames and Coromandel District, particularly in Mercury Bay, Whangamata and Pauanui have all started to show signs of coming into the more active period with spring. Overall, the Waikato market will likely have a very busy spring as interest in the region remains strong.”