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

 

Confusion & apprehension lift in Hamilton housing market

MEDIA RELEASE
13 December 2016

Confusion and apprehension lift in Hamilton residential housing market

Lodge Real Estate’s managing director Jeremy O’Rourke says, “After a few months of decreased activity in the Hamilton residential housing market, both buyers and sellers are back in force.

“During the last ten days of November the city saw an upswing in the number of listings coming onto the market. Plus, we saw increased interest and urgency from buyers who are looking to make decisions before Christmas.

“This increased activity saw the city end the month of November with a lot of momentum in the housing market that will give us a good springboard into 2017.”

Statistics released by the Real Estate Institute of NZ (REINZ) on Monday 12 December show Hamilton’s median house price has jumped once again from $518,000 in October to $527,000 in November. This was on the back of an increase to 342 home sales up from 278 sales in September.

The number of homes listed in Hamilton during November were 515 with around 45% of these listings coming on the market in the last half of the month. This compares with 371 listings in October and 428 in September.

Mr O’Rourke says the upsurge in buyer activity can be partly attributed to investors getting their heads around the new LVR restrictions.

“Whenever new restrictions or rules come into force in the housing market, we always see a bit of a dip in activity as buyers take time to digest the changes.

“That confusion and apprehension came into play over the past several months. And in this instance, the link between new rules and buyer activity didn’t just effect investors – there was a slight ripple to other sectors of the market as well.

“But we are now seeing this confusion turning into clarity. And that means buyers are acting with certainty once again. This clarity has also spurred sellers who were apprehensive about listing over the past few months to make the move,” he says.

Mr O’Rourke said developers were also active in Hamilton during November and early December. “We’ve sold several blocks of land to developers over the past month ranging from small developments around the $500,000 mark to larger developments around the $4 million mark.

“With developers confident about Hamilton housing, this is just another factor that bodes well for strong market activity to kick off the New Year.”

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>>