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

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news