Navigating the current housing market as a first home buyer

Navigating the current housing market as a first home buyer

As a first home buyer, navigating the current housing market can be daunting, especially with the current trends and forecasts. Since 2021, Aurora has helped 930 members into their first home and we’re committed to helping you achieve your goal of home ownership. 

Here's an update on the market, what it means for you and how Aurora can help make buying your first home happen. 

Interest rates and housing market updates

Last month the Reserve Bank of New Zealand (RBNZ) cut the Official Cash Rate (OCR) by 0.50% to 3.75%. This move is expected to lead to lower mortgage rates, with short-term rates likely to fall further. 

The housing market is experiencing increased buyer activity, with more people attending open homes and turnover increasing. However, with a high number of listings, it remains a buyer's market. Vendors are encouraged to be realistic about their price expectations, and affordability remains a challenge due to various economic factors.

Investment insights

In the current market, it's essential to maintain a long-term perspective and avoid making impulsive decisions based on short-term market fluctuations. Aurora’s First Home Buyer strategy is focused on income assets and designed to provide stable returns if there are plans to withdraw in 1 to 3 years to buy a first home.

What this means for you

As a first home buyer, the current market presents opportunities. With potentially lower mortgage rates and decreased competition, you may find it easier to secure your dream home. 

It’s important to stay disciplined and focused on your long-term goals- avoid making impulsive decisions based on short-term market fluctuations.

What can you do today and how can Aurora help?

If you’re ready to start your home-buying journey, read our blog about buying your first home with KiwiSaver. We’re here to help you make the most of your KiwiSaver investment to buy your first home. If you’re ready to take the leap into home ownership, using KiwiSaver and our First Home Buyer Strategy investment option could give you the leg-up you need. Get in touch with us, and we’ll help you get started on making your dream home a reality.