November 2024
November Market Update: Wrapping Up a Stellar Year in Hamilton's Property Market
As we head into the festive season, we hope you all have some time off to spend with family and friends. Thank you for all the support we have received throughout the year—it's been a privilege to assist you with your property journey. Merry Christmas and best wishes for a happy and prosperous New Year!
Market Update:
November proved to be another successful month with 267 houses sold, slightly down from October but still a stellar improvement compared to earlier in the year. As a result, the median house price dropped to $755,000, indicating an increase in first-home buyers and more investors and developers returning to the market.
The average days to sell remains unchanged, with properties selling more quickly than in recent months as buyer competition and the proportion of properties sold via set date methods of sale, like auction, continue to increase. These trends are indicative of a market gaining momentum.
Breaking down the sales for November:
-111 under $700,000 (up 4 from last month)
-76 sales between $700,000 and $900,000 (down 9 from last month)
-32 sales from $900,000 to $1 million (down 7 from last month)
-27 sales between $1 million and $1.2 million (down 16 from last month)
-21 sales over $1.2 million (up 4 from last month)
We expect a busy start to 2025. With another OCR decrease forecast for February, buyer confidence and urgency are likely to grow, driving sales volumes higher, advertised listings lower, and properties to sell more quickly. Towards the latter part of 2025, we also anticipate price increases.
Why list with us?
Our high-profile marketing ensures your property stands out and reaches the right buyers. Combined with our proven sales methods that foster urgency and competition, we’ll help you achieve the best possible outcome in this thriving market.
If you or someone you know is contemplating selling in such a strong market, don’t delay and talk to us today about an up to date market appraisal and how to set the right strategy to achieve a premium sale price for your property.
