First-time buyers change buying habits
The percentage of first-home buyers in the market has dropped in most places around the country since the rules came into effect in October.
Auckland City is one of the only main centres that hasn’t reported a drop. There are now 1% more first-time buyers in the market there than there were before the rules, compared to 2.6% fewer on the North Shore, 0.5% fewer out west and 2.1% fewer in Manukau.
Queenstown, Tauranga, Hamilton, Rotorua and Napier have had the largest drop in first-home buyers. Rotorua had the biggest percentage decrease, with the percentage of first-timers in the market down 5.1% compared to before the rules came in.
In Wellington, the proportion of first-home buyers in the market has dropped 2.1%. Upper Hutt's increase in first-home buyers has continued and Porirua's previous slight increase has now turned into a slight decrease. Palmerston North is another area where the increase in first-home buyers continued, up 2.9%, CoreLogic said
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