Hamilton City Quarterly economic monitor - September 2019

House sales

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Highlights for Hamilton City

  • House sales in Hamilton City in the year to September 2019 increased by 3.1% compared with the previous year. Growth outperformed relative to New Zealand, where sales decreased by 0.7%.
  • A total of 3,219 houses were sold in Hamilton City in the 12 months ended September 2019. This compares with the ten year average of 2,971.

National overview

Property sales across New Zealand continue to decline, down 0.7%pa nationally over the September 2019 year, but have improved over the last few months. Affordability pressures and a range of regulatory actions have scared off potential investors, with rental reforms (via the healthy homes standards and ringfencing of rental losses) combining with unaffordability issues to restrain purchasing activity by both owner-occupiers and investors. Inventory data from realestate.co.nz also shows available sales stocks remain low, but we expect sales to pick up in 2020 as more buyers are drawn into the market.