Market Insights
Number of first home buyers getting into a home of their own at an eight year low
The number of first home buyers getting into a home of their own at the start of this year was at its lowest level since 2015.
According to the latest Reserve Bank figures, banks approved just 1166 mortgages for first home buyers in January, the lowest number in any month of the year since January 2015 (apart from April 2020 when housing market activity came to a standstill due to the Covid lockdown).
And as mortgage interest rates have been steadily rising, the amount being borrowed by first home buyers has been steadily decreasing.
In January this year the average value of the loans approved to first home buyers was $548,885. That's down by $46,513 (-7.8%) from its May 2022 peak of $595,398.
However almost a third of those loans approved in January this year were low equity loans to first first home buyers with less than a 20% deposit.
In January this year, 370 low equity mortgages were approved to first home buyers.
Although that is a low number, it made up 31.7% of all the mortgage approved to first home buyers in January.
That was the first time the low equity loans to first home buyers have gone above 30% of the total since November 2021, when house prices also hit their cyclical peak.
While rising interest rates have reduced the number of first home buyers getting into their own homes, they are also affecting the amount they are paying for them.
Although higher interest costs mean fewer aspiring first home buyers are getting into a home of their own, they are proving to be a more resilient part of the market than either investors or existing owner-occupiers.
However the low overall number of mortgages being approved to aspiring first home buyers suggests that home ownership likely remains an impossible dream for many.
Read if you are in need of work to be done or looking to do work
Palmerston North people 👋
It seems like nearly every second day we are hearing about someone who has been scammed or messed around when they’re just trying to organise simple help. That's why I'm testing an idea for a local odd-jobs platform to help people get small household tasks done without the stress of trying to find someone reliable.
The goal is to build something that feels safe, local, and fair for everyone.
clear job descriptions
transparent pricing/bids
real profiles + ratings
We’ll start small with non-licensed jobs like:
🌿yard tidy-ups
🚮 rubbish removal
🚐 small moving help
🪣cleaning
🏠 minor repairs & maintenance (non-licensed)
The pilot won’t include electrical, gas, or certified plumbing.
With the cost of living right now, if you want to jump onboard as a customer or worker i’ve made an early access waitlist:
Join the early access list here: forms.gle...
I’ve also got a fully anonymous survey up that takes less than two minutes. This will help me tailor the categories, pricing expectations and see what people want most:
Quick survey here: forms.gle...
If you’ve ever struggled to get a small job done because it’s “too small” for tradies, or if you’re someone who wants to earn extra money doing honest work - I’d really love your input.
👉You can also book on behalf of a family member who needs a bit of extra help.
Thanks heaps 🙌
Poll: Are our Kiwi summer holidays helping us recharge, or holding the economy back? ☀️🥝
There’s growing debate about whether New Zealand’s extended Christmas break (and the slowdown that comes with it) affects productivity.
Tracy Watkins has weighed in ... now it’s your turn. What’s your take? 🤔
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72.4% We work hard, we deserve a break!
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16.6% Hmm, maybe?
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11% Yes!
Roofing Contractor
Hello Neighbourly Community. Sadly my phone had a moment and uninstallerd the Neighbourly app for me. I have lost all the replies I had for a roofing contractor. I was wondering if anyone knows how to contact Fin from Roof Buddy please or if anyone has any reccomendations for a reliable roofing contractor please. Thankyou.
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