Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Number of homes listed during July in Hamilton breaks record

MEDIA RELEASE
12 August 2016

Number of homes listed during July in Hamilton breaks record

The number of homes listed for sale in Hamilton during July 2016 was the highest on record with 442 coming onto the market during the month.

Lodge Real Estate’s managing director, Jeremy O’Rourke, said, “The number of residential homes coming onto the Hamilton market in July was twenty-six percent higher than June 2016 and also twenty-six percent higher than July 2015.

“Hamilton landlords getting out of existing rental properties is driving a big portion of those listings.”

The Real Estate Institute of NZ (REINZ) released its monthly figures yesterday which showed Hamilton’s median hit a new record high at $510,000, which is up from $485,000 in June 2016 and $389,000 one year ago.

With 363 homes sold in Hamilton during July, the result was a net stock increase. As of 1 August, there were a total of 503 residential properties for sale in Hamilton. That compares to 431 available as at 1 July and 337 available as at 1 June.

Mr O’Rourke said this solid net stock increase during July should take some of the pressure off the sharp increases in sale prices.

“There is greater choice for Hamilton home buyers at the moment with more stock available. Already we’re seeing slightly less urgency among buyers because they don’t feel desperate to buy the first home they like. Although we predict Hamilton house prices will continue to rise, over the next few months we should see prices rise at a slower rate.

“The impending forty percent loan to value (LVR) restrictions coming into force for property investors is driving the city’s surge in listings. Landlords want to offload properties before they become harder to sell. So, if they have been thinking about listing for some time, they are now acting quickly to list,” he said.

Despite more investment properties coming onto the market, Hamiltonians are still finding it challenging to find quality rentals.

“Our rental division currently manages 3403 rental properties, which is 115 more than one year ago.

“However, the challenge for renters is that quality properties are snapped up quickly. Lodge only has 41 vacant properties available, whereas we had 86 vacant properties available for rent one year ago,” he explained.

On average, it took 28 days to sell a home in Hamilton during July 2016. Sections in the city are being snapped up quickly with the average days to sell a section during the month sitting at eight (8).

For the latest REINZ market data, visit www.reinz.co.nz.

-ENDS-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>