Find out which regions lead the pack
Waitakere and Lower Hutt have emerged as the top choices for first-home buyers in New Zealand, boasting the highest share of purchases by those entering the property market.
Research from OneRoof and Valocity highlighted how the recent housing market slump has made it easier for new buyers to step on to the property ladder.
First-home buyer share on the rise
The share of first-home buyers in the market has grown from 25% in 2021 to 31% in 2024, as median purchase prices for these buyers dropped from $747,000 to $685,000.
Despite price drops, first-home buyers still prefer areas close to jobs and amenities, with major metro areas and city fringe locations ranking highly on the list of hotspots, OneRoof reported.
Popular areas in Auckland and Wellington
In Auckland’s Waitakere, 47% of mortgage registrations this year were for first-home buyers, up from 34% in 2021. The median purchase price there is now $845,000, which is $100,000 less than the peak market price.
Papakura, on the city’s southern fringe, also attracted first-home buyers, with 40% of all purchases in 2024.
Lower Hutt tops Wellington region
Lower Hutt was the most popular spot in the Wellington region, with 47% of all mortgage-backed purchases going to first-home buyers.
Nearby Porirua (41%), Wellington City (40%), and Upper Hutt (36%) also saw strong participation from new buyers, though overall numbers remain below the long-term average due to higher interest rates offsetting lower home prices.
Affordable suburbs attract first-home buyers
While many first-home buyers are drawn to affordable, far-flung locations, the data suggested they still prioritise proximity to employment and amenities.
The current market conditions, including the slump in house prices, have created new opportunities for first-home buyers across the country, making these regions more accessible than they have been in years, OneRoof reported.
Read the OneRoof article here.
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