But whether Hamilton house prices are affordable depends on who you ask.
RICKY WILSON/STUFF
Housing Minister Megan Woods announces $1b funding to speed up housing development. Video first published in June 2021. “If you ask first-home buyers they’d say definitely not,” Bayleys Hamilton branch manager Mike Gascoigne said. “In terms of first-home buyers, it’s getting to the stage where it’s quite hard for these people to get into the market unless you’ve got family helping you out.” Hamilton’s average property value now sits at $801,919 – a rise of 110 per cent since June 2015 ($381,793). And the time required to save a deposit for a Hamilton property is now 8.9 years, up from 6.7 years (the average for 2004-20), according to analysis by CoreLogic.
Price-fixing realtors fined millions
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Is the Hamilton property market cooling? Industry leaders read the signs
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Modest Hamilton bungalow sells for surprising $1.01m - 120 per cent above RV
16 Mar, 2021 04:00 PM
4 minutes to read
Original 950s bungalow on Young St in Claudelands sells for 120 per cent above its RV. Photo / Blair Pointon
Herald reporter based in HamiltonNikki.Preston@nzme.co.nz
An original three-bedroom bungalow in Hamilton has sold under the hammer for a whopping $1.016m - a street record leaving even its selling agent speechless.
Hamilton real estate firms say the Hamilton market is red hot is due to increased interest from developers looking for larger sections to redevelop, investors wanting to land bank as well as owner occupiers looking to get a foot on the property ladder or upgrade.
MARK TAYLOR / STUFF
The Waikato Regional Theatre is tipped to dramatically change the central city with a host of other multimillion-dollar projects on the cards.
There’s not a single housing market round the country which hasn’t been running hot of late but, of the big North Island cities, Hamilton stands out for its comparative affordability. Make no mistake, the market is seeing strong price growth, frantic buyer activity and increasingly low levels of housing stock. But while a three-bedroom, two-bathroom unit in Hillcrest in Auckland recently sold for $1 million, according to Trade Me Property, for that money you could have bought a five-bedroom, two-bathroom standalone house on a large section in Rototuna in Hamilton – it sold for $980,000. Another sale was a five-bedroom, one-bathroom standalone house, but with limited land, in Beerescourt for $954,500.