Opportune time for first home buyers
Typical Auckland first home buyers are being advised to “pounce” now while interest rates are low and the prices for entry-level houses are dropping.
Easing prices and falling interest rates on a lower-quartile prices home currently result in mortgage payment drops of around $62.80 a week.
However, economist Shamubel Eaqub says deciding to buy a home is “all about affordability” with interest rates likely to be higher over the life of the mortgage compared with now.
He describes the past three months as “in no way typical” and mentions the incoming capital gains tax.