Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Hamilton’s housing market springs into Spring

MEDIA RELEASE
9 November 2012

Hamilton’s housing market springs into Spring

Hamilton, New Zealand - Lodge Real Estate in Hamilton, the city’s largest agency by volume, reported today that residential housing sales volumes are up and properties are selling faster than previous months.

“October home sales were up 27% on September. All Hamilton real estate agencies combined sold a total of 249 homes in October – a good jump from 196 sold in September.

“The buoyancy in the market is being felt in all sectors and across all suburbs. We’ve had improved enquiry and several sales in the top end of the market, while lower end sales are also strong. And, while in previous months’ price gains were made in isolated suburbs such as Hamilton East and Hillcrest, there is now pricing pressure building across the board in most Hamilton suburbs during October.

“November has also started off really strong. All numbers are pointing to a continued, sustained recovery in the Hamilton housing market overall,” explained Managing Director of Lodge Real Estate, Jeremy O’Rourke.

On 8 November, the Real Estate Institute of New Zealand (REINZ) reported the average number of days taken to sell a home nationally was 32 days in October. The average number of days it took to sell a home in Hamilton during October was 34, an 8-day shorter period than the same time last year.

The number of houses available for sale in Hamilton city by Lodge increased slightly to 955 in October, up from 945 in September.

The Real Estate Institute of NZ (REINZ) reports that the national median house price increased by $9,000 from $371,000 in September to a new record high of $380,000 in October. Hamilton city’s median house price was $338,000 in October, up slightly from $332,750 in September.

“We are seeing an increase in buyer urgency in the market. That coupled with a relatively consistent number of homes coming onto the market each month is edging prices up across most suburbs within the city,” said Mr O’Rourke.

Lodge Real Estate predicted in September that rental rates would rise heading into summer, which, Mr O’Rourke said, is starting to happen.

“As we head into summer, we are seeing a higher demand for rentals in Hamilton. And, because our stocks are low, rental rates have started to rise.”

-ENDS-

October 2012 Hamilton housing marketing in brief:

• Total house sales in Hamilton during October were up 27% on September and 46% up on the same time last year
• Hamilton’s median house price in October was $338,000, compared with $380,000 nationally
• The average number of days to sell a home is 34 days, a 23.5% shorter period than the same time last year

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news