NZ Housing Market Gives First-Time Buyers a Whiff of Opportunity
A turn in the market has provided first-home buyers a leg up — but it’s an opportunity that may quickly disappear.
Houses in the Devonport area in Auckland, New Zealand.
Photographer: Fiona Goodall/BloombergNew Zealand’s house price slump has given first-time homebuyers a welcomed leg up in their quest to purchase a property, but it may be a short-lived opportunity.
For a certain segment of the nation’s would-be homeowners — those armed with sizable deposits and solid incomes — 2023 has been a heartening year, with first-time buyers grabbing a record 26% share of the market in the third quarter, according to CoreLogic New Zealand. While an 18% fall in house prices between November 2021 and May this year made homeownership more obtainable, also working in their favor has been strong wage growth, a possible peak in interest rates, an easing of lending rules and government policy changes.
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NZ Housing Market Gives First-Time Buyers a Whiff of Opportunity