Current Market Conditions: Hamilton June 2016

The 359 homes that sold in May were an increase of 7% on the 335 sales in May 2015, down slightly on April’s 371.  

Last May is when the Hamilton market sprung into life, recording the start of huge increases on previous months. 

Volume this May exceeding May last year shows the Hamilton market continues its healthy run, which is expected to continue well into 2017. 

The median price of $480,000 is the highest on record, an increase of $110,000 or 30% from this time last year.  With fewer properties available for sale than demand requires, prices will continue to rise. 

This upward trend in price points is evident across most suburbs including a growing appetite amongst buyers for higher value homes and the proportionately greater number of sales these now represent. 

A noticeably higher percentage of properties are being sold either with competitive multiple offers or under the auctioneer’s hammer, 94% of the properties Harcourts auctioned in the past 6 months selling. 

More and more sellers are embracing the many advantages of this method of sale which offers a much stronger likelihood of obtaining a premium price, with auctions now accounting for over 40% of listings compared to around 20% a year ago.
Owners with well presented homes who embark on a campaign offering wide exposure to buyers are generally being rewarded with strong inquiry and prices that regularly surprise!  This is an excellent time to sell with healthy buyer demand favouring sellers.