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

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news