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


First home buyers showing urgency in Hamilton housing market

9 July 2013

First home buyers showing urgency in Hamilton housing market
• Hamilton market sales were 251 homes in June 2013; compared with 301 in May 2013 and 248 in June 2012
• Hamilton city median house price for June 2013 was $335,000; up from $330,600 in May 2013 and down on $349,875 in June 2012
• Median time to sell a Hamilton home in June was 36 days; compared with 31 days in May 2013 and 33 in June 2012
• Only 786 properties were available for sale in Hamilton at the end of June, compared to 862 at the start of June.

Hamilton, New Zealand – Lodge Real Estate in Hamilton, the city’s largest agency by volume, reported today that the number of homes sold during June, 251, was down on last month’s high of 301.

Homes are also taking longer to sell, with days-to-sell during June sitting at 36 days, as compared with 31 days in May.

Lodge Real Estate Managing Director, Jeremy O’Rourke, said one segment of the Hamilton market where agents are seeing a renewed urgency is among first home buyers.

“Over the past month we have seen more and more people coming into the market who are feeling pressure to buy their first home.

“In the discussions we’re having with these buyers, it seems they feel compelled primarily by the possibility of the Reserve Bank changing the loan-to-value ratio in the future,” he explained.

Urgency from the first home buyer segment is contributing to the demand for residential homes in Hamilton outstripping supply. This follows the national trend as reported by the Real Estate Institute of NZ (REINZ) this afternoon.

“Although sales are down this month, the demand for houses in the Hamilton market continues to be relatively strong. As was the issue in May, however, sales continue to outpace listings. Two hundred and fifty-one homes were sold last month; however only 786 properties were available for sale at the end of June as compared to 862 at the start of June,” said Mr O’Rourke.

The median house price for Hamilton city was $335,000 in June. This compares to $330,600 in May 2013 and $349,875 in June 2012.

Mr O’Rourke said, “During the first part of the year, there were only certain suburbs that were experiencing rises in the median house price. But we are now seeing the median house price rising in all suburbs right across the board.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news