Gralin Property Management Hamilton celebrated the official opening of our new office last month. At Gralin, we combine world-renowned technology, training and systems with a focus on establishing trust and respect with our clients. Whether you’re a property owner, investor or potential tenant at Gralin Rentals we are proud to say we put the focus on you.
Hamilton is better situated than ever for community, investors, businesses and Council to work together to generate a thriving future, with net migration up and strong demand for housing – especially from Aucklanders.
Hamilton population, at 30 June 2017, is estimated by Statistics New Zealand to be 165,400. This is an increase of 4,200 people (or 2.6 per cent) over the last year. The majority of Hamilton’s population growth is from internal migration, including former residents of Auckland moving to Hamilton for lifestyle choice, and career and employment opportunities. Similarly significant increases in house price growth over the last two years has largely been driven by the Auckland ‘halo effect’ (the spillover of increased Auckland house prices on surrounding regions)
Hamilton’s median house price achieved another strong median during May at $542,000. This is down from a record median of $560,000 for the month of April and compares to $520,000 in May 2017.
Lodge Real Estate’s managing director Jeremy O’Rourke says the dramatic decrease in the number of homes listed for sale in the city is keeping upward pressure on house prices in the city.
“Three hundred and six (306) homes were sold in Hamilton during May, however that stock was not replenished at the same rate through new listings. At this level of demand, a market in equilibrium – meaning not favouring either buyers or sellers - would have around three months of stock available for sale, which is around 900 homes.”
The Ministry of Business, Innovation and Employment (MBIE) calculates that the median multiple for Hamilton is 6.8, meaning that the median house price was 6.8 times the value of the median income; and therefore deemed unaffordable.
Median rent for a 3 bedroom house in Hamilton City was $420 per week, up from last month’s $407 and up from last year’s $400 per week.
On a national basis it is clearly less expensive to stay renting than to buy. But apart for Auckland and Queenstown, buying is still a practical option for most.
Gralin Property Management Hamilton celebrated the official opening of our new office last month. At Gralin, we combine world-renowned technology, training and systems with a focus on establishing trust and respect with our clients.....READ ARTICLE
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