Couple trades the hustle and bustle of Auckland for the Hamilton lifestyle – and a bigger house


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Tom and Chloe Corkill and their daughter Madeline are looking for a property near Hamilton after moving from Auckland.  They paid just over $ 800,000 for a 2 ½ bedroom home in Greenlane in 2017 and recently sold it for $ 1.5 million.

MARK TAYLOR / Tips

Tom and Chloe Corkill and their daughter Madeline are looking for a property near Hamilton after moving from Auckland. They paid just over $ 800,000 for a 2 ½ bedroom home in Greenlane in 2017 and recently sold it for $ 1.5 million.

Hamilton home prices are a steal – if you own a home in Auckland, of course.

Tom and Chloe Corkill recently sold their 2 ½ bedroom Greenlane home for $ 1.5 million and are now in the market to buy a four to five bedroom home and lifestyle block on the South Fringe of Hamilton. .

The new parents say Hamilton’s accessibility to the outdoors and proximity to his family made the call to leave the super city easier.

And the couple are not alone, as estate agencies respond to growing demands from Auckland homeowners and professionals who are considering a turn south.

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Talking about a possible cooling in Hamilton’s housing market is premature, according to real estate officials, as demand for properties continues to outstrip supply.

But whether Hamilton home prices are affordable, it depends on who you ask.

RICKY WILSON / STUFF

Housing Minister Megan Woods announces $ 1 billion in funding to accelerate housing development. Video first published in June 2021.

“If you ask first-time home buyers, they will definitely tell you not,” said Bayleys Hamilton branch manager Mike Gascoigne.

“When it comes to first-time homebuyers, it comes to a point where it’s pretty difficult for them to enter the market unless your family is helping you. “

Hamilton’s average property value now stands at $ 801,919, an increase of 110% since June 2015 ($ 381,793). And the time it takes to save a deposit for a property in Hamilton is now 8.9 years, down from 6.7 years (the average for 2004-20), according to CoreLogic analysis.

Real estate officials expect home price growth in Hamilton to continue through 2022.

Christel Yardley / Tips

Real estate officials expect home price growth in Hamilton to continue through 2022.

The QV Home Price Index shows that monthly home price growth in Hamilton slowed in May (2.3%) and June (1.2%), but Lodge Real Estate manager Jeremy O’Rourke said a “serious shortage” of properties for sale in Hamilton is recurring. upward pressure on prices.

“We are seeing multiple offers on properties, which means there is a competitiveness that is actually driving new high prices,” O’Rourke said, adding that agents are seeing more well-paid professionals moving into the city. .

Low interest rates continue to attract investors to the housing market – a phenomenon that has been repeated around the world.

“In the United States, they had the biggest price increase in America in 50 years and in Britain they had the biggest price increase since 2004. So, globally, the rates of Low interest and the security that real estate brings encourage new people to invest. in the accommodation.

Hamilton real estate agencies have seen strong auctions in their auction rooms in recent months.

Kelly Hodel / Stuff

Hamilton real estate agencies have seen strong auctions in their auction rooms in recent months.

Hamilton Harcourts manager Campbell Scott expects house price growth to continue through 2022, given the city’s demand for properties.

“Until demand is severely curbed, perhaps through interest rate hikes …

The interest of Aucklanders in Hamilton property is not new, even house prices in the city’s newer suburbs represent a “tolerable price range” for Auckland buyers and investors. .

Tom Corkill says Hamilton's lifestyle options and proximity to Auckland appeal to him and his wife Chloe.

MARK TAYLOR / Tips

Tom Corkill says Hamilton’s lifestyle options and proximity to Auckland appeal to him and his wife Chloe.

Scott said building a new home has always been a viable option for a sector of the market, but it has become more difficult given the scarcity of land in the city.

“Getting the section is one thing, but going through the consent process is expensive and time consuming. And now, due to Covid’s supply chain issues, it’s almost untenable for some people to get laborers, materials, and the like to build the houses. “

Lugtons chief executive Simon Lugton said the supply of properties for sale typically deteriorates in the winter, which will put additional pressure on house prices.

The city’s median home price is expected to hit $ 800,000 this year. The median price of homes in Hamilton was $ 762,000 in May of this year.

Lugton said he couldn’t see house prices going down given the growth in Hamilton and Waikato.

“So many people are moving to this area, there is such a constraint of new developments and filling, there are not enough apartments under construction. We’re going to run out of housing for a while.

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