Tough conditions for first home buyers
The independent economist's latest monthly survey on the adviser market reveals first home buyers in Auckland are struggling to compete with investors as the market soars.
Alexander said anecdotal evidence indicated first home buyers' hopes "have been dashed, with listing numbers falling, prices rising, and hefty competition from investors".
One adviser said FHBs were getting "increasingly desperate", fearing "they can't find anything, the houses they like sell at auction for silly prices, and that they will be priced out of the market if they wait any longer".
"FHB's can't buy, [they're] always out-bid by investors or existing homeowners," said another broker.
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