Another major player sees uptick in first-home buyer activity
Another major player in the mortgage broking industry agrees that there's been an uplift in enquiries from first-home buyers in the last six weeks but says its too early to attribute that to the Reserve Bank easing its loan-to-valuation (LVR) restrictions.
Friday, June 9th 2023, 9:16AM
“From what we have seen, over the last six weeks, there's definitely been an uplift in activity in respect of enquiries from first-home buyers,” says Craig Winterburn, chief executive of the SHARE adviser network and the Newpark aggregation business.
But he says it's difficult to pinpoint any one reason for this, and suggested several factors other than the easing of LVR restrictions could be at play.
These include some customers getting their permanent residency applications approved, giving them the confidence to purchase their first home in New Zealand.
Certainly, immigration has surged since the government eased entry criteria.
Winterburn says the combination of customers saving money through the covid pandemic and the increased salaries and wages over the last 18 months is providing them with larger deposits.
The housing market is also less competitive for buyers than previously and house prices are now more affordable, he says.
“We believe it may be a little early to assert that RBNZ easing on LVR restrictions has led to the uplift in first-home buyer enquiries,” and the banks may take some time to readjust to the new LVR rules, Winterburn says.
| « Easing of LVR restrictions lifts first-home buyer enquiries | Vincent Capital adds a South Island BDM » |
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