First-time home owners now have taken over a substantial chunk of the property market based on recent property analyst company CoreLogic findings.
Based on the report, the number of first-time homeowners stands at 24 percent between January and now, arise from the previous figure of 21 percent.
Kelvin Davidson, the firm’s senior analysts, noted that although it is still a tough climb for first-time homeowners, the report indicates that a large number are finding a way into property ownership. He noted that many of the first-time owners were using their platform KiwiSaver to gather their deposits and compromise on property type and location.
Additionally, Davidson also added that new owners were entering the market at a slightly higher point than has been the case in the past. The reason is that in some parts of the country, and based on prices paid by first time owners, servicing mortgages is a lot easier than paying weekly or monthly rent.
However, despite the new data showing a stream of buyers going after property, it did not take stock of unsuccessful first-time owners.