Archive | February 2013

First time home buyers are dominating areas of the market

First time home buyers are making up more than 50 per cent of sales in some areas across the country, dispelling recent reports property is out of their reach, according to First National Real Estate groups January 2013 survey.

First home buyers were the major purchases of residential homes even in parts of Auckland where property prices continue to steadily increase.

The First National Real Estate survey for the month of January 2013, reveals strong areas of activity include the Hawke’s Bay with 50 per cent of buyers first timers; Bethlehem, Welcome Bay in Tauranga also reports 50 per cent of sales were first home buyers. Cambridge recorded 40 per cent and the Wellington suburb of Johnsonville 30 per cent of the buyer market was first house purchases.

Proving Auckland still has affordable areas with entry level homes, Glendene in West Auckland reported 51 per cent of sales went to first time property buyers, followed by Manukau reporting 20 per cent.

In the South Island, Blenheim reported 30 per cent of residential sales were made up of first home purchases and Gore recorded 20 per cent.

“First time home buyers are becoming more practical about how much bang they can get for their buck in this current market,” says Colleen Milne, General Manager First National Real Estate.

“Buying a home is still an important Kiwi rite of passage and first home purchasers are being realistic about what kind of property they can afford and the location.”

Factors that may be helping first time buyers take the plunge include improving confidence in the economy, low mortgage interest rates and banks willing to lend more, and Kiwi savers funds becoming available as deposits adds Ms Milne.

-ENDS-

For further information or comment please contact:

Colleen Milne

General Manager

First National Real Estate

Phone:  029 771 0750

http://www.firstnational.co.nz

Advertisements