Market share high for first home buyers

Their resilience is showing in Cotality’s latest buyer classification data as owner-occupiers remain cautious.

The country’s housing market is being reshaped with a notable shift in buyer make-up as first home buyers account for 27% of all purchases – well above their long-term average of 21-22%.

Cotality chief property economist Kelvin Davidson says first home buyers are holding their strongest position in two decades, taking advantage of lower property values compared to the peak, access to KiwiSaver for at least part of their deposit, and the banks’ low-deposit lending allowances.”

The latest data confirm first home buyers are being buoyed by subdued house prices and targeted supports.