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.

Related Subjects

Home Buyers |

New Zealand News

Maori Party candidate for Ikaroa-Rawhiti
The Maori Party has selected its candidate for the Ikar ...
200 day waka journey
The Associate Tourism Minister says a waka crew's 200-d ...
Warning to dodgy immigration advisers
Dodgy unlicensed immigration advisers are being warned ...
Auckland bus stops, train stations could be smokefree
Auckland Council is looking at suggestions it ban smoki ...
Auckland Airport won't kick out travellers
Auckland Airport say they will not be throwing travelle ...
Progress in K2 campaign
Progress has been made to clear the shelves of the synt ...
Two stable in hospital after Dargaville crash
A man was killed when his vehicle crashed into a power ...
No more fanworm in Coromandel
Barges in the Coromandel Harbour have now been cleared ...
Chch airport kicks out tourists
Christchurch Airport has had a gutsful of freeloading t ...