Hamilton City Quarterly economic monitor - June 2019

House sales

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Highlights for Hamilton City

  • House sales in Hamilton City in the year to June 2019 increased by 2.5% compared with the previous year. Growth outperformed relative to New Zealand, where sales decreased by 0.9%.
  • A total of 3,180 houses were sold in Hamilton City in the 12 months ended June 2019. This compares with the ten year average of 2,958.

National overview

The number of houses sold has started to ease across the country, down by 0.9% nationally in the year to June 2019. Sales were down in most regions, with only weak growth in the remainder. Property investors have been discouraged by policy changes, such as the extended bright-line test, foreign buyer ban, healthy homes standards and ringfencing of rental losses. The abandonment of plans for a capital gains tax doesn’t seem to have affected demand. For current and potential owner occupiers, continued unaffordability limits their participation in the market. Interest rate cuts earlier in the year don’t seem to have affected sales, so we aren’t holding our breath for an upswing after the August official cash rate cut.