Hamilton’s residential property market is starting to feel a bit more like it did pre-COVID.
The Real Estate Institute of New Zealand’s latest residential market statistics shows Hamilton’s median house price has skyrocketed to $645,000 from $636,100 in April and $580,000 in May 2019. The number of house sales in the city was 184 for May, compared to just 34 in April which also points to signs of market recovery. However, sales were a far cry from May 2019 when 336 homes were sold in the city.
While total sales across Hamilton were severely diminished during April and early May, sellers have been fast to list homes over the past month and sales are increasing week by week.
Buyers are fluid with a sense of urgency. In particular, first home buyers are flooding to open homes and we are seeing a lot of multiple offers from all types of buyer.
The strong activity in the residential property market is a signal that Hamilton and Waikato is in a strong position to weather the economic impact of COVID-19 and could potentially bounce back faster than other urban centres.