Latest REINZ statistics released show the median house price for Waikato has decreased 5.7% to $773,000 compare to this time last year.
January is traditionally a slower month in the property sales market due to holidays, and the weather events we have been experiencing, however Agents report more activity in the market with more attendance at open homes, more interest online and more multi-offer situations.
Despite the current economic climate, prices have remained elevated since Pre-Covid, with a 24% increase from pre-pandemic levels in March 2020. For example, if we consider the value of the Hamilton property in May 2020, it would have been valued at $687k, whereas in November 2021 it reached a peak of $1 million before declining to $875k (assuming it mirrored national trends). As a result, the owner of the property has still realised a profit of $188k over the past 2.5 years.
