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First home buyers are still enjoying market conditions
Further cuts to the official cash rate seem all but certain.
AI summary
First home buyers (FHBs) are thriving in the current property market, achieving a record 27% market share. This high activity is seen across main centres and regions like Invercargill and Palmerston North.
Favourable conditions for FHBs include:
- Anticipated official cash rate cuts lowering mortgage rates
- Using KiwiSaver for deposits and less competition from investors
- High use of low-deposit lending allowances from banks
This window of opportunity is expected to remain open, making it a favourable time for FHBs to purchase a home.
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