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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news