Higher prices were likely to be seen in coming months
Hamilton's housing market is booming despite the impacts of the COVID-19 pandemic on the market, according to Lodge Real Estate.
Lodge Real Estate managing director Jeremy O'Rourke said property stocks in Hamilton remain low, but the demand is high – with offers from buyers coming in quickly on quality properties.
“In this sort of market, it is tempting for vendors to take the first offer that meets their expectations. But a quick sale isn't always a successful sale,” O'Rourke said.
“For many people, your home is your most valuable investment. No matter what market you sell in, you need to maximise the return on that investment. Practising patience while having a good strategy planned before you even list your home on the market is the key.”
Read more: Investors are unlikely to pick up a property bargain – survey
O'Rourke pointed out that the way vendors sold their homes in January was completely different from how they sold homes now.
“Most of us drastically changed our media consumption behaviours during the lockdown, and that's caused the real estate industry to have to change the way we market homes for our clients completely,” he said.
“Lodge for one has all but abandoned newspaper advertising. We are finding online sales channels can get our clients' homes in front of thousands of eager buyers in literally days. A digital strategy is a much better use of a vendor's limited marketing dollar.”
Therefore, buyers must expect higher prices in Hamilton in the coming months.
“As vendors begin to see the value of having patience and working a smart sales strategy, prices will be pushed higher over the next few months. The all-time low-interest rates, in particular, are helping shield many buyers from the worst of the price pressures,” O'Rourke concluded.
