Auckland Buyers Pushing Up Hamilton Auction Prices

23rd Jul 2015, 2:27pm

The Hamilton housing market is attracting an increasing number of Auckland buyers and the ‘Auckland effect’ is being seen first-hand in Hamilton auction rooms.

Harcourts Hamilton’s top residential sales person, Shaun Cosgrave, said that Auckland buyers were attending Hamilton auctions every week, and contributing to the growth in house prices.

“I would estimate 40% of our enquiries are from Auckland buyers at the moment. Nearly all of them being investors.

“Vendors are benefiting from the extra competition and are enjoying high sale prices, especially at auctions.

“We had two properties recently that would have been listed in the $300,000s.  But we took them to auction and got in the $400,000s.  One went for $63,000 above the reserve, the other for $60,500 above reserve.” 

Property prices in Hamilton have risen 4.4% in the last 12 months, according to figures released by QV.  Their July figures showed that the Hamilton growth is picking up pace with 2.2% increase in the last three months.

Mr Cosgrave, who is the Top Exclusive Lister for Harcourts in the Central Region, said he talks about auctions with all his vendors, as it is normally the best choice for selling in the current market.

“With the competition that’s out there at the moment for property, auctions enable you to get the best price in the market.

“Auckland buyers are used to much higher prices than what they find in Hamilton, so they can see the real value they’re getting, which helps push the prices higher.” 

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