Wellington is leading the charge in first home buyer activity despite the region's robust property prices, as revealed by CoreLogic's latest data. With a whopping 36% share of the market, Wellington outpaces the nationwide average of just over a quarter of sales going to first-time buyers.
John Ross attributes this surge to the availability of more affordable housing options, including brand new properties, attracting eager first home buyers. In Lower Hutt, for instance, two-bedroom terraced homes are selling for as low as $570,000, and recent sales in Stokes Valley saw three-bedroom homes go for $599,000 to $630,000, significantly lower than prices 18 months ago. Despite rising mortgage rates and rental costs, first home buyers are drawn to stability over financial gains, driving continued strong presence in the market. While property values experienced a temporary slowdown due to increased listings, first home buyers are benefiting from getting more for less, with the median price paid in Wellington at $770,000, signaling good deals amidst challenging conditions.
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