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Hamilton’s housing market is suffering from a shortage of supply and real estate agents are being inundated with requests for help from desperate buyers, say two of the city’s real estate sellers.
The latest data from the Real Estate Institute showed that Waikato home prices rose 13.2% annually, to an average of $ 670,000. The number of homes sold in November increased nearly 22% compared to the previous year, and the highest since September 2015.
Yvenna Yue and Craig Annandale of Harcourts Hamilton say that between them they have sold 150 properties this year alone.
Annandale said the number of inquiries they received each day was more than ever and desperate buyers were constantly asking for their help.
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In addition to the 150 sales, they had helped another 180 clients acquire properties.
A property on Fairview Street received 17 offers after six days on the market. It was then sold unconditionally for $ 101,000 above the seller’s asking price.
Another was a River Road property that sold for $ 3.6 million unconditionally and within 24 hours of listing. It was his second largest individual sale and would be one of the highest sale prices within the city limits.
Supplied / Supplied
Harcourts Hamilton agents Yvenna Yue and Craig Annandale say the secret to success is hard work.
Keeping up with business is a seven-day-a-week commitment, Annandale says, and it becomes a “way of life” rather than a career.
“The Steve Jobs quote about work that takes up a large part of your life and having to love what you do to be satisfied rings true. When you find a job that you love, you never have to work a day of your life again. “
In this fast-moving market, buyers had to be able to compete quickly and sellers had to come to market ready to wait for offers early in the season, the couple said.
Christel Yardley / THINGS
The Hamilton housing market is a sellers market right now.
They expect 2021 to be similar to the buoyant market experienced this year, as low interest rates mean that demand is unlikely to decline to a point that has an impact on the high demand / low supply imbalance.
“Nor is it likely that we will find a way to add the amount of new housing supply needed to balance this situation. As long as our appetite for property remains high and there is confidence in the housing market, prices will continue to rise and the market will remain very active. “
