House prices in Hamilton are on the rise as demand continues to outstrip supply but if you want top dollar, you'll have to roll your sleeves up and put in bit of effort.
Real Estate Institute figures show the median house price in July 2013 was up $10,000 on the previous month, rising 3.8 per cent to $345,000. Sales in Hamilton are also up, reaching 252 in July up from 207 in July 2012.
Ray White Hamilton managing director Carl Glasgow said the rise was linked to a lack of houses being listed and a surplus of buyers, especially first-home buyers.
"It's because the stocks are lower than they've been for the last 12-24 months," he said. "First-home buyers have been more active in the last month because of the changes to criteria for them."
Mr Glasgow said buyers usually waited until summer to spruce up then list houses, but a lack of listings created a sellers' market.
"I think it's a great time for sellers to list their homes at the moment because there are a lot of buyers available and limited stock."
Harcourts Hamilton general manager Brian King said sellers who put in the effort would get a premium price.
"When something good comes on the market there is pressure on that listing, and the end result is a pretty healthy price on that property," Mr King said.
"Anything that is not presented well to the market is still sticking. Anything that's pristine and looking good and looking sharp, we seem to be getting a lot of interest."
Lodge Real Estate managing director Jeremy O'Rourke said Hamilton needed around 150 per cent more quality houses to keep up with buyer demand.
He said Hillcrest and Rototuna were the Hamilton hotspots as buyers looked for desirability in schools, new homes, and local amenities.
Houses in Rototuna were selling, on average, within 23 days of listing compared with the city average of 35 days.
Lugtons managing director David Lugton said with the traditional spring listing period approaching, the number of properties for sale could soar even higher.
"Depending on supply but if we get people listing their properties for sale I think sales will hit 300 in the spring or summer.
"It hasn't been at 300 for a number of years."
He said property prices dropped after the economic downturn and the market was continued to play "catch-up" but would show a steady increase in the future.
- © Fairfax NZ News
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