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

 


First home buyers & investors drive Hamilton housing market

First home buyers and investors drive Hamilton housing market

• Hamilton market sales were 246 homes in February 2013; compared with 180 in January 2013 and 247 in February 2012
• Hamilton city median house price for February 2013 was $334,000; up on $320,000 in January 2013 and up on $316,000 in February 2012
• Median time to sell a Hamilton home in February was 38 days; compared with 41 days in January 2013 and 46 in February 2012

Hamilton, 12 March 2013 – The number of homes sold within Hamilton city during February 2013 was 246, as reported by the Real Estate Institute of NZ (REINZ) today.

This month’s sales compared to 180 homes sold in the city during January 2013 and 247 one year ago during February 2012.

Jeremy O’Rourke, Managing Director of Lodge Real Estate in Hamilton, the city’s largest real estate agency by volume, says, “First home buyers continue to be active in the Hamilton market. With the Reserve Bank considering using alternative tools to control the housing market, perhaps by controlling loan-to-value ratios, some of these buyers are feeling a sense of urgency to purchase now.

“Additionally, each month we’re seeing more and more investors coming back into the market. City residential properties represent great value for money for investors at the moment. We’re even seeing investors coming in from outside the area,” he explains.

The median house price for Hamilton city was $334,000 for February. This compares to $320,000 in January 2013 and $316,000 in February 2012.

“If you look at the past five-month period, Hamilton’s housing market statistics are the best they’ve been since the end of the real estate boom. This proves the market continues to consolidate its recovery at a strong, steady pace,” say Mr O’Rourke.

Home prices in most Hamilton suburbs remain on par with January. Flagstaff, Hamilton East, Hillcrest and the Central Business District are the exception with each seeing a slight lift in sale prices.

Mr O’Rourke said the future of the Hamilton residential housing market is quite clear.

“Hamilton’s buyer base is strong and the number of homes being listed is also stable. We’re seeing a lot of confidence in the market and expect this to continue as we progress into the second quarter of 2013.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news