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


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news