FHBs Support Housing Market as Rents Rise

The housing market in New Zealand received support from first-home buyers (FHBs) who are willing to make sacrifices to own their homes. According to RBNZ data, FHB activity remains steady thanks to an increase in low-equity mortgages.

A report by Cotality found that New Zealand homebuyers are more willing than others to take out smaller mortgages and cut lifestyle spending to improve affordability.

Asking rents on TradeMe Property have risen for the first time in 18 months, up $5 a week to $625. However, it is unclear if this trend will continue with actual rents yet to be assessed from MBIE data.