With the rest of the world still off limits, and OE plans on hold, many young New Zealanders are looking to embark on another life-changing journey a little closer to these shores: home ownership. The money they’d spend on travel is being re-directed towards buying a home; that’s certainly the case if recent statistics are anything to go by.
Fisher Funds, one of the largest New Zealand owned and operated KiwiSaver providers, has reported first home withdrawals are up 50 % compared to this time last year. Meanwhile, Westpac is saying that first-home buyers made up 31 % of new lending applications in June compared to 22 % at the same time the previous year.
Trade Me has also seen an increasing number of young Kiwis looking for a property on their site, with searches by 18 to 29-year-olds up by 52 % in June when compared to the same time last year.
In this current climate, it is easier to buy your first home than it has been for a very long time.
In April the Reserve Bank removed loan-to-value restrictions for 12 months, making it easier for first-home buyers to purchase a house with a smaller deposit. And, of course, home loan interest rates have also hit record lows.
This is all very exciting if you’re one of those young Kiwis who has plans to unlock the front door of your own home while the rest of the world stays firmly locked up. Even more exciting is the prospect of building your home from scratch. It’s very doable and very affordable, and there’s every reason why you should take a closer look at the idea. For a start, you can choose the land, and enjoy the benefits of living in an architect-designed home that is smart, sustainable and undeniably beautiful.
Right now, we’re fielding calls from a lot of potential clients who fit into that younger demographic. Many of them express surprise that an architect-designed home is well within their means. Still, we’ve always delivered affordable designs with premium finishes and fittings included as standard – and in today’s buyer-friendly conditions, they’re even more affordable.
You might be grounded from a travel perspective, but your property search can be directed a little higher. A first home doesn’t have to be an existing home. A newly-built, architect-designed home is a real possibility for young buyers, and we’ll happily discuss that potential scenario with you.