First-home buyers hoping for chance to get into property market

First-home buyers have spotted their chance to get into the market, Trade Me data shows - but whether they'll be able to make it happen is another question.

Head of Trade Me Property Nigel Jeffries said younger buyers were browsing the site more than usual as interest rates hit record lows and the Reserve Bank removed loan-to-value restrictions.

“In the week following the Reserve Bank’s announcement it was scrapping the 20 per cent home deposit requirement, the number of 18-29-year-olds browsing property on Trade Me skyrocketed by 38 per cent when compared to the same period last year,” Jeffries said.

“This is remarkable, especially considering we saw no change in browsing activity from other age groups.”

To read more https://www.stuff.co.nz/life-style/homed/300009362/firsthome-buyers-hoping-for-chance-to-get-into-property-market

Sourced from STUFF