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Lenders will usually require you to front up with a deposit of 20% of the purchase price for an existing property – 10% if it’s a new build – before they’ll consider giving you a mortgage on it. If you’ve been saving hard only to have your deposit goal feel like it’s getting further out of reach – or you just don’t want to have to wait years and years (and years) to get into your first home – there are options out there.

There is an increasing number of signs pointing to a turnaround in the housing market, and quite possibly even gains in house prices and sales. However, the question remains: What factors are driving this shift to happen sooner than anticipated?

The Reserve Bank have said that 5.50% is still as high as they think they will need to take the cash rate. So does that mean the housing market now suddenly picks up strongly straight away? Or will it sit flat for perhaps three years as a lot of people optimistically believe?

We’re stoked to have partnered with leading residential developer, Avant, and local iwi, Te Ākitai Waiohua, to offer eligible buyers a discounted two-year mortgage rate of 3.95%, when they buy a property at Wirihana.

Buyers have been waiting for two years now for prices to look more reasonable. With a record turnaround in net migration inflows to New Zealand, falling house prices, and high job security, is the market getting set for a better Spring?

We’re only 0.25% off the Reserve Bank’s (RBNZ’s) forecasted peak OCR – so will Kiwis be hit by other OCR hike, or have interest rates in New Zealand already peaked for this economic cycle?

Here in Aotearoa, we have one of the highest rates of asthma, and death by asthma, of anywhere in the world - and it’s probably got something to do with the quality of our housing. Luckily, our four biggest banks have fantastic loan options on offer, that are designed specifically to help Kiwi homeowners fund improvements to their home (or rental property) to make it a healthier space, that’s better for the environment.

Here is a quick high level run-through of the main things happening in the residential real estate market on average in New Zealand.

Economist Tony Alexander says throughout 2022 and 2023, buyers are likely to keep holding the upper hand in negotiations. All one has to do however is either secure a mortgage (not so easy at the moment) or have cash and therefore no need for one in order to take advantage of this market.

There are five strong forces acting to pull back the level of intensity of buyer demand for residential property at the moment. But just because the boom has ended does not mean a crash is on its way.

I know from experience that accurately predicting house price movements over short periods of time is impossible. But one can balance the various factors in play and see what the trend seems to be and where it may be heading.

My own experience of two first home buyers 13 years apart shows that servicing hasn’t changed all that much. It's as hard today as it was 13 years ago. But what it doesn’t show is the sizeable part of our population that are locked out of the housing market altogether.