11 May 2020

Scrapped 20 percent deposit increases home buyer appetite

12:56 pm on 11 May 2020

More first home buyers were looking to get onto the property ladder than usual during April.

Auckland's skyline, from Devonport.

Auckland skyline, from Devonport. Photo: 123rf

Figures from the TradeMe Property Price Index show the number of 18 to 29-year-olds browsing property on the website increased by 38 percent compared to the year before.

TradeMe Property head Nigel Jeffries put the increase down to the Reserve Bank's decision to scrap the requirement to have a 20 percent deposit.

Interest was particularly higher in the South Island, with Queenstown-Lakes, South Otago and Wanaka seeing the largest jump in online traffic.

The average asking price for properties in the Wellington Region also hit the $700,000 mark for the first time.

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