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Springing into market action

On the hunt for your first family home, or keen to move to something bigger? NATHAN MIGLANI of NZ Mortgages provides his thoughts on what you need to know, particularly with a new government coming into play.

The real estate market is, as always, a reflection of the broader economic and political landscape. So it’s an exciting and transformative time for New Zealand as we’ve recently witnessed a change in government. We’re experiencing a robust market currently, characterised by an interesting trend: first home buyers account for a big portion of our client base, representing 60 percent of our business. The remaining segments are made up of 20 percent individuals looking to sell and buy, five percent those wanting business and investment property loans, and the remaining 15 percent is people refinancing.

We think that as the new government takes the reins, there will be changes in the property investment landscape. Property investors are likely to come back into the market, and it’s possible they’ll be competing with first-home buyers, particularly for properties below the $650,000 mark.

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The fact the Kāinga Ora First Home Partnership had to stop due to overwhelming interest shows the increasing number of first home buyers out there, while the current stock in the market indicates there’s plenty more demand to come. But don’t forget, Kāinga Ora is still supporting first-home ownership through the First Home Loan and First Home Grant programs, providing viable options for those first-time buyers looking to get onto the property ladder with as little as a five percent deposit.

Looking ahead from spring into the summer months, we foresee a steady property market ahead. With the market in full swing, we think it’s time to seize opportunities if you’re in a position to – we know that the cost of living and interest rates are still quite high. We’re optimistic about the market’s stability going forward though, particularly with the Official Cash Rate (OCR) expected to hold where it is in November, with a drop predicted for next year. And we’ll be working to provide proactive guidance to our clients to make sure they’re well-prepared for any market shifts.

If you’re contemplating selling and buying, looking to purchase your first home, or looking to leverage the equity in your existing property for an investment upgrade, contact our team at NZ Mortgages. We are here to guide you through every step of your property journey.

nzmortgages.co.nz

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