Despite stretched affordability, high interest rates, and cost of living pressures, first home buyers (FHBs) in New Zealand continue to lead the market in purchasing activity, highlighting the continued strong appeal of having a ‘foot on the ladder’.
CoreLogic’s six-monthly First Home Buyer Report released today shows FHBs accounted for 27% of purchases in the third quarter, a new record high. Over the year to date, FHBs sit at 26% market share, comfortably above the long-term average of 21%, however the number of deals still sits below past norms in a relatively subdued market.
NZ Chief Property Economist Kelvin Davidson said despite some key challenges for all buyer groups, FHBs are still finding a way.
“Whether it’s using the low-deposit lending speed limits at the banks, tapping their KiwiSaver to help with their deposit, securing First Home Grants or First Home Loans, or compromising on the size or location of their home, FHBs are proving relatively more successful in buying their first home than at any other time,” Mr Davidson said.
The national tr
