First home buyers struggle to enter market

By: Annabel Reid | New Zealand News | Sunday July 1 2012 15:32

First home buyers are still facing a battle to enter the property market.

Data released today in the NZ Property report shows the number of homes now available for sale in New Zealand has dropped to its lowest point since January 2008.

CEO of realestate.co.nz Alistair Helm says demand is very much outweighing supply, which is difficult for first home buyers.

"It's not meeting the demand that's there in the market and therefore sellers are still having the upper hand and buyers are pretty actively looking for whatever comes on the market.

"If it's a property that suits a broad audience and particularly in the first home buyers sector, then it's likely that there's going to be a lot of interest, and potentially if it goes to auction, some very competitive bidding."

Mr Helm says the inventory of homes for sale has dropped below 30 weeks for the first time in four years.

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