Slight fall in median Hamilton house price sale

A drop in Hamilton's median house price sale for the first time in five months is nothing to worry about, says Lugton's ...
LIZ MCDONALD/FAIRFAX NZ

A drop in Hamilton's median house price sale for the first time in five months is nothing to worry about, says Lugton's Real Estate managing director Simon Lugton.

Hamilton's median house price sale sat below half a million dollars in January - the first time that has happened since August.

But, Lugton's managing director Simon Lugton said in a statement that does not mean prices are dropping, it is just lower cost properties are traditionally bought in January.

"Specifically there was a noticeable spike in the number of houses sold in the $400,000 to $450,000 price band, just under 21% of all sales. Many of those were near the university so probably cheaper investment properties that were traded just prior to the wave of new student renters entering Hamilton for the new study year."

But the median price of $495,000 was healthier than January 2016, rising 27.6 per cent from $388,000.

However, the number of Hamilton house sales in January - 143 - was a 29 per cent drop from the same period in 2016 - 202.

"January sales volumes are well down on the same period last year. January confirmed sales are a direct reflection of activity levels in December where there was a noticeable drop-off prior to Christmas at an earlier stage than previous years. After a very busy year it seemed that many clients and salespeople had had enough for the year and went on holiday early," Lugton said.

 

 

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 - Stuff

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