House prices may be heading skywards once again but first home buyers are getting into their own homes in record numbers.
The latest figures from property data company CoreLogic, show that first home buyers accounted for 25% of all residential property sales in the third quarter of this year, giving them their biggest share of the market since CoreLogic began recording the data 15 years ago.
In its latest Market Pulse report, CoreLogic said first home buyers were being helped into their own homes by record low interest rates and a willingness to consider purchasing apartments rather than stand alone houses.
They have also been making record withdrawals from their KiwiSaver funds to put towards a deposit, with 44,300 KiwiSaver withdrawals in the 12 months to March this year, up from 39,600 in the previous 12 months.
Investors are also increasingly active in the housing market, just slightly ahead of first home buyers with a 26% market share in the third quarter of this year, the highest it has been since the record 28% set in the third quarter of 2016, just before the Reserve Bank introduced a 40% minimum deposit requirement for residential property investors.
The growth in first home buyers' and investors' share of the housing market has come at the expense of existing home owners, who appear less inclined to sell their homes and keep moving up the property ladder.
For the time being at least, they appear increasingly happy sitting tight in their existing homes.
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