First home buyers continue leaping into the housing and mortgage markets

The latest Cotality-Westpac First Home Buyer report shows they’ve bought 24,800 homes over 12 months to the end of the first quarter of this year – the highest annual total since the third quarter of 2021, near the market peak.

They made up 27.5% of all property purchases, just shy of the record 28.2% share at the end of last year.

This strength of first home buyers is right across the country, with market shares running above long-term averages since 2005.

For example, across the wider Wellington area, first home buyers account for 37% of activity, about 8% above the average. Hamilton has also been strong, alongside Napier, Gisborne, South Waikato and Waikato districts.