5 great places to be a first-home buyer

In 2020, we analysed one of the best locations in New Zealand to be a first-home purchaser – however loads has modified since then. 4 years later, we’ve crunched the information once more to establish the areas with one of the best job markets, family incomes, comparatively reasonably priced houses, and nice life-style elements.

With all these elements in thoughts, which areas are one of the best for first-home consumers in 2024?

1. Decrease Hutt

The Wellington area has the nation’s highest common family earnings (over $150,000) and a thriving job market. Wellington Metropolis is vibrant and straightforward to navigate, with a world class café tradition and a character all its personal.

However whereas the capital metropolis is a superb selection for anybody wanting an excellent work-life steadiness, simply up the highway could also be a good higher compromise for the first-time purchaser.

Decrease Hutt is extra reasonably priced, with a median of $775,000 and a decrease quartile of $614,000, in comparison with $955,000 and $760,000 in Wellington Metropolis. The Authorities’s First House Grant may assist with a deposit however the properties it applies to are value capped in accordance with space.

The $750,000 cap for current properties within the Wellington City Space will provide you with loads of selection all through Decrease Hutt, from smaller locations in Petone by way of to household houses on full sections in Stokes Valley. You’re solely half an hour into Wellington Metropolis, so the whole lot you want is shut at hand, however you don’t must pay full metropolis costs and you could possibly have that mortgage paid off a lot sooner.

2. Hawke’s Bay

“An virtually Mediterranean life-style” is how the native council describes Hawke’s Bay, with its enviable mixture of vineyards, eating places, seashores and balmy local weather. It may need a modest inhabitants, however Hawke’s Bay has the one of many highest charges of job listings exterior the principle centres (overwhelmed solely by outlier Queenstown), with 47 jobs per 10,000 residents. Plus, common salaries in Hawke’s Bay have been the very best in New Zealand in February.

The First House Grant value cap in Hawkes Bay is $625,000, which can comfortably purchase you a lower-quartile house in both Hastings ($551,000), Napier ($592,000). Flaxmere had the very best proportion of first-home consumers within the nation in early 2022, and you may nonetheless choose up a basic three-bedroom house on a full part right here for beneath the home value cap.

3. Christchurch

Christchurch topped this record in 2020, and 4 years later it stays a superb selection for first-home consumers. It has a number of the latest general housing inventory in Aotearoa, and it’s a fantastically accessible metropolis with a community of cycleways, new roads, a ferry service and a helpful bus system. The central metropolis regeneration is a hit, the native colleges are extremely rated, and the climate might be beautiful.  

There are greater than 40 jobs per 10,000 residents in Canterbury, with common family incomes over $120,000. The median home value is $742,000, with a decrease quartile of $552,000. The home value cap of $575,000 will purchase you a two- or three-bedroom house in one of many satellite tv for pc suburbs similar to Woolston, Bromley or Hornby – although well-presented examples are skinny on the bottom – or an house within the metropolis centre. 

4. Papakura and Franklin, Auckland

Site visitors is likely to be a nightmare, however Auckland is ranked among the many world’s most habitable cities for good causes. Heat climate, attractive seashores, and the nation’s high colleges are among the many many promoting factors.

Auckland has by far the most important and most different job market within the nation. Incomes are additionally robust, with Auckland households incomes a mean of round $150,000 a 12 months. You’ll want a good earnings as a result of housing is expensive; in 4 of Auckland’s seven outdated wards, median home values are over $1.1 million.

However simply south of Auckland, two are extra reasonably priced: Papakura and Franklin within the south have median values slightly below $900,000. The First House Grant value cap in Auckland is $875,000, which might purchase you a decrease quartile house in Papakura ($759,000) or Franklin ($735,000). You’ll get a three-bedroom house at that value level, usually on a good part, however anticipate it to wish a complete reno.

Sadly, town’s 1.7 million inhabitants all wish to journey by automobile, so site visitors is an ongoing problem if you wish to work within the CBD however stay in these extra reasonably priced areas. If you will discover a office nearer to house, nevertheless, Auckland has the whole lot you have to get pleasure from a incredible life-style – leisure, seashores, actions, facilities, and purchasing.

5. Hamilton

Hamilton made the record in 2020 as a high spot for first-home consumers, and it stays a stable selection. It’s a younger, fast-growing metropolis with a stable job market and common family incomes over $120,000. Simple to get round by automobile, with new cycleways including to its accessibility, residents are helpful to Auckland, Tauranga and the lakes.

Hamilton has a median home worth of round $800,000 (up from $650,000 in 2020) and a lower-quartile worth of $636,000, in opposition to a home value cap of $650,000. For that funds you’ll choose up a three-bedroom household house in a suburb like Fairfield, so long as you’re ready to sort out some renovations. Alternatively, you could possibly plump for a more moderen, smaller townhouse or house within the metropolis centre.

Honourable point out: Invercargill

Inexpensive, habitable, loads of job listings and the third highest earnings ranges within the nation – you’ll be spoilt for selection when shopping for a primary house in Invercargill. You’ll simply must acclimatise to the Southland climate.

*Sources: Median home values for all inventory (not gross sales costs) as at January 2024 provided by CoreLogic; property listings on TradeMe Property and up to date gross sales on Houses.co.nz; regional family incomes (common earnings from all sources collected) from StatsNZ; jobs fee for every area (not territorial authority) from Search on February 14 2020, dividing by the inhabitants for the area sourced from Stats NZ, and multiplying by 10,000; up to date First House Grant value cap knowledge obtainable right here.