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

 

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Planes: Jetstar Launches Regional Network

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news