Creative financing tactics in Hamilton
Lodge Real Estate's Jeremy O'Rourke says Hamilton home buyers are getting creative with their finance to compete.
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Lodge Real Estate’s managing director Jeremy O’Rourke, says Hamilton home buyers are getting creative with their finance to compete and win in the burgeoning property market.
“Fierce buyer competition in Hamilton and rising residential property prices are discouraging some buyers – to the point that we’ve seen a few give up their searches altogether.
“We are encouraging buyers to be resourceful to find a way to buy now, because prices are showing no sign of deflating anytime soon.
“Some of our clients are getting savvy and have found creative ways to fund their purchases. For instance, we’ve seen siblings pooling funds to buy homes together. And we’ve seen mums and dads stepping up with deposits to get their children into homes at greater frequency than ever before.
“These innovative buyers have woken up to the fact that they need to be aggressive in the market. And as a result, they are winning at auctions,” Mr O’Rourke says.
Some 404 homes were sold in Hamilton during July 2015. This is the highest number of monthly sales in the city since March 2006 and compares to just 201 sold in July 2014.
Hamilton’s median home price continues to creep toward the $400,000 mark, hitting $389,000 during July, according to Real Estate Institute of NZ (REINZ) data.
Hamilton’s median rose from $372,000 in June 2015. This is up from $350,000 in July 2014.
Mr O’Rourke says is a lot of opportunity for Hamilton property owners looking to sell as there is a lack of stock listed in the city. At the end of June there were 544 homes for sale in the city, but at the end of July there were only 476.
“As always, we expect the number of listings will rise as Spring approaches and expect this to be at a greater rate than recent years. The number of home appraisals happening across the city is higher than past months, so we expect the number of houses coming on to the market to increase in the short-term.”
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Chris Hutching
Fri, 21 Aug 2015
Fri, 21 Aug 2015
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