-- The share of first home buyers' property purchases in New Zealand in the March quarter was over 27%, buoyed by lower house prices, reduced mortgage rates, and policy measures, Cotality said in a Tuesday report.
More than half of first home buyer loans over January and February were done at less than 20% equity, according to figures from the central bank.
First home buyers' share of property purchases in the wider Wellington area was 37% during the period, while it was 33% in Hamilton.
Mortgaged multiple property owners' share of property purchases increased back to around 24%, roughly in line with their long-term average. The shift back to 100% deductibility for interest costs supported this increase.
Relocating owner-occupiers accounted for around 26% of property purchases in the first quarter, below their average of around 28%.
However, the conflict in the Middle East has put an extra layer of uncertainty over a potential economic recovery, as well as the housing market outlook, the report cautioned. Property values this year may now be closer to flat, or even slightly down again, rather than a modest gain of up to 5%.