Housing Still Buoyant Despite Predictions

News Release
For immediate release
October 19, 2005

Housing Still Buoyant Despite Predictions

Despite economic predictions and political uncertainty, the market for new houses still appears to be buoyant in Hamilton.

Leading development company Generation Developments believes New Zealanders turn to professional building firms rather than organise construction of their own homes, due to recent major changes to the building laws.

Generation Development's project development manager Michele Berry says the unprecedented level of interest shown in the company's new Chesterfield showhome opening last weekend, confirmed this trend.

"There's a certain level of business activity and leads we expect to generate over a subdivision opening weekend," Berry says.

"This weekend however the number of sales, potential sales and quality leads was outstanding. Demand being such that a third of our stage one release has sold "

Berry says another interesting feature of the weekend was the size of the home and land packages Generation Developments are selling. The packages are oriented towards families with larger home and sections sizes.

"Offering the larger sized Chesterfield properties in Hamilton has also bucked recent trends. At a time when we are moving towards smaller homes and sections, and are being told to 'tighten our belts' we've stepped out with bigger home packages and had them sell very quickly.

"Across the three growth regions that we operate in New Zealanders property buying confidence is clearly outshining economic forecasts," say Berry.

ENDS

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