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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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