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

 


Buyer fear gone from Hamilton housing market

MEDIA RELEASE
11 March 2014

Buyer fear gone from Hamilton housing market, keeping sale numbers low

Hamilton, New Zealand – Lodge Real Estate’s managing director, Jeremy O’Rourke, said February’s residential real estate numbers released by the Real Estate Institute of NZ (REINZ) today point to the fact buyers’ ‘fear of missing out’ is virtually gone from the Hamilton housing market.

“The number of house sales in Hamilton city during February was much lower than the past two Februaries. We only had 193 sales last month, when the past two years were 247 in February 2013 and 245 in February 2012.

“These sales numbers are down because of two factors. First of all, there has been a good amount of quality stock on the market, so buyers are content to sit back, look around and wait for the right property to come along. This is very different to six months ago when buyers were snapping up quality properties very quickly.

“Secondly, as we’ve been saying for months, first home buyers have pulled right out of the market. Those extra fifty or so sales we’re missing this past February can be attributed to this group of buyers being absent,” he explains.

Mr O’Rourke also said the lack of first home buyers if having a big effect on median house prices in Hamilton.

“The median took a jump from $350,000 in January to $375,000, which is closer to the $385,000 median in December 2013.

“You need to analyse this number carefully, however. If you are currently in the market for a new home, you won’t be seeing a huge jump in individual house sales prices.

“Rather, the jump in the median is simply a continuation of a trend that started after the Reserve Bank raised the loan-to-value (LVR) last year. Every month there are less and less sales happening at the bottom end of the market, which is causing Hamilton city’s median house price to shift upward,” he said.

However, Mr O’Rourke said that these buying conditions may be short lived.

“We expect that the number of first home buyers entering the market will increase in the coming months. We are starting to see first home buyers finding more ways to finance their entry into the market.”

Lodge Real Estate is Hamilton city’s largest real estate agency by volume.

-ENDS-


Hamilton housing market February 2014 - key facts:
• Hamilton’s median house price was $375,000 in February 2014.
o The city’s median house price has risen from $350,000 in January 2014 and $385,000 in December 2013.
• The number of homes sold in Hamilton during February 2014 was 193.
o This compares to 156 in January 2014; 247 in February 2013 and 245 in February 2012.
• The average number of days to sell a Hamilton home was 30 in February 2014.
o This compares to 42 days in January 2014 and 38 in February 2013.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news