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

 


Hamilton home buyers playing the waiting game

MEDIA RELEASE
16 June 2014

Hamilton home buyers playing the waiting game


Hamilton, New Zealand – Lodge Real Estate’s managing director, Jeremy O’Rourke, said today that residential buyers seeking property in the Hamilton market are playing a waiting game.

“There are a lot of people actively looking for residential property in the Hamilton city market. What we’re not seeing is this ‘looking’ translating into as much ‘purchasing’ as we would expect. The number of homes sold in the city was up slightly in May to 232 from 204 in April. But this is down on the number of homes sold in Hamilton during May 2013, which was 301.

“At the moment, people seem to be content to sit back and wait for additional market direction. However, we believe the market is starting to provide some more certainty.

“Employment opportunities in the city are abundant, there is generally solid business growth and exports are strong. With such a positive economic outlook, we should see an influx of people moving into the city for jobs over the medium term, which will eventually increase buyer activity,” explained Mr O’Rourke.

With so many people content to wait for what they perceive as the ‘right property,’ Mr O’Rourke said there is a lot of opportunity for buyers, including investors, ready to make a quick move on quality homes.

He also said the recent influx of migrants into New Zealand should flow through to the local market in due course.

“In March, New Zealand had a net increase of 3,800 migrants, which is the second highest gain on record1. Hamilton normally benefits from increased migration as people naturally disperse from the cities into the provinces. The pattern we normally see in these circumstances is increased demand on rentals, and eventually increased purchasing activity as those migrants move into home ownership,” he said.

May’s median house price in Hamilton was $366,500 which was slightly up from $360,500 in April. Mr O’Rourke said interestingly enough, there were only three homes over $700,000 sold in the city last month.

The average number of days to sell a home in Hamilton during May was 35 days.

Lodge Real Estate is Hamilton city’s largest real estate agency by volume with over 35% of market share.

For the latest REINZ market data, visit www.reinz.co.nz .

-ENDS-

1 - http://www.stats.govt.nz/browse_for_stats/population/Migration/IntTravelAndMigration_MRMar14.aspx

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

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