The latest stats from REINZ show the continuing trend that buyer demand for property continues to far exceed supply across many of New Zealand’s main centres. The Waikato region is no exception to this, having experienced a record median house price of $780,000 in August 2021, while experiencing extremely low stock levels with listing numbers down 33.6% year-on-year. Another ongoing trend in the region is the median days to sell continues to decline. August had the lowest median days to sell since 2016 at only 29 days. The limited stock, combined with overwhelming demand, means that buyer enquiry and open home attendance is strong.
Hamilton was one of four districts in Waikato that individually achieved a record median price, despite the country entering Level 4 restrictions. According to Neville Falconer (REINZ regional director) the most recent lockdown has seen a lot more digital capabilities come to the fore to advertise properties for sale. 3D Matterport tours, 2D floorplans and videos are among those tools real estate companies are utilising to help buyers engage with listings from the comfort of their homes. As such, there were still 221 sales across Hamilton city for August 2021 despite the lockdown in the latter part of the month.
‘With lockdown appearing again mid month we still worked on executing agreements and appraisals remotely. Prices had certainly levelled between Feb – June 2021, however July and August produced momentum with levels rising accordingly. Our Median price in Hamilton hit a staggering $840,000.
With Spring evolving we should see the traditional rush to come to the market with many appraisals currently underway and new listings coming on. We still have a dire shortage of stock across all price brackets.’ - Roslyn Coombes, Branch Manager for EVES Hamilton
*REINZ data from August 2021 statistics