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Omicron wave causing ripples in Waikato housing market as Hamilton prices fall

Couple swap Auckland bustle for Hamilton lifestyle – and a bigger house

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.

Signs of cooling in Hamilton's housing market

Their findings were echoed by Bayleys Hamilton branch manager Mike Gascoigne. “We’ve certainly seen a little bit of a slowdown over the last six to eight weeks,” he said. Gascoigne said that for a long period of time, they would see as many as six people battling for a property at auction. Now he said it’s three people at most. “The way the market was going at the time was unsustainable, we’re not surprised by a bit of a slowdown,” he said. In fact Gascoigne said he was still seeing investors active in the market “and hindering first time buyers”.

Is the Hamilton property market cooling? Industry leaders read the signs

First-home couple say goodbye to Auckland, buy into Waikato