Despite the national average asking price hovering around $920,000 in October, buyers can enter the market at a much lower price, according to realestate.co.nz.
The most common price range search on realestate.co.nz is between $600,000 and $800,000, which indicates many people’s budget.
In October, six regions across New Zealand had average asking prices sitting under $700,000:
- Gisborne ($689,016)
- Taranaki ($675,330)
- Manawatu / Wanganui ($652,488)
- Otago ($649,692)
- Southland ($512,283)
- West Coast ($463,184)
Five tactics that can help you enter the market sooner
- Increase your income. Of course. this is easier said than done, but consider asking for a raise, doing extra shifts, taking on a second job or starting a side hustle.
- Reduce your expenses. Look for ways to cut back on discretionary spending, such as eating out less often, buying less ‘stuff’ and holidaying domestically rather than overseas.
- Improve your credit score. Paying your bills on time, minimising your credit applications and reducing your credit limit are all likely to have a positive impact on your credit score.
- Keep a consistent job. It can be harder to qualify for a home loan if you’ve just changed employers and you’re still in your probation period.
- Get in touch. As your mortgage adviser, I can prepare your loan application and match you with a lender that’s suitable for your particular scenario.