PHOTO: 123RF Interest rates and capital gains decision making auction rooms busier.
Investors are back and money is cheap resulting in more competition in city auction rooms.
Hamilton’s winter cool down didn’t last long, says Lodge Real Estate managing director Jeremy O’Rourke. The government’s capital gains tax decision has renewed investor confidence and the “brief hiatus” in auction room activity is over.
“With fewer buyers in auction rooms, fewer vendors were taking their homes to auction,” O’Rourke said.
“But over the past month or so we’ve seen those investors coming back to auction rooms competing with other buyers and that has resulted in some extreme competition.”
That sentiment has been ehoed by the other city agents who all say the level of competition, for Hamilton’s scarce number of listings, is ramping up.
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