Unintended Consequences

First home buyers flee market
Chris Hutching | Thursday November 14, 2013

First home buyers have fled the market, according to the latest BNZ-Real Estate Instiute survey.

“Our survey results this month show that the residential real estate market in New Zealand is taking quite a hit from the introduction of credit controls but that it is aspiring first home buyers wanting to place roots down in New Zealand who are suffering,” BNZ economist Tony Alexander says.

The introduction of credit controls on lending to people with deposits below 20% of a house’s value has resulted in a net 78% of the 250 licensed real estate agents replying to this month’s survey saying that they are seeing fewer first home buyers than in the previous month.

The result a month ago was a net 41% seeing fewer and in September before the rules became effective a net 24% of agents were seeing more.

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