“First home buyers return
1:20PM Wednesday December 07, 2011 Source: Fairfax
First home buyers appear to be the driving force behind the residential real estate market in New Zealand, according to new research released this morning by BNZ.
The survey, conducted by BNZ Banking Group with the Real Estate Institute of New Zealand, canvassed more than 10,000 licensed real estate agents.
Some 29% of real estate agents reporting first home buyers are prevalent in the market.
BNZ chief economist Tony Alexander said first home buyers nationwide were probably responding to the lower level of interest rates at the moment.
“Since we went into recession in 2008, a lot of young people who may have left home and gone out on their own otherwise have not done so. Maybe they have been living at home, have now built up a deposit and are certainly sick of living with their parents,” Alexander said”.