Regional NZ Becomes Haven for First-Home Buyers Seeking Affordable Housing

First-home buyers are increasingly turning to regional New Zealand for affordable housing options. A study by OneRoof and Valocity found that towns like Greymouth, Timaru, Oamaru, and Whanganui offer standalone properties with backyards and double garages for under $600,000.

The analysis included towns with more than 40 sales since the start of the year and unemployment rates below 5%. Median prices ranged from $400,000 to $600,000, compared to greater Auckland's median price of $880,000.

Greymouth, with a median house price of $410,000, is the most affordable town for first-home buyers. The town has a strong economy driven by mining and infrastructure projects, providing jobs for Kiwis returning from overseas and newcomers arriving.

In Timaru, first-home buyers are taking advantage of affordable housing, strong employment markets, and coastal lifestyles. A couple of hours between Dunedin and Christchurch, Timaru offers a 'five-minute commute' and access to industry and agriculture.