Foot on the lad­der

What it re­ally means to be en­trylevel in the Auck­land mar­ket.

Metro Magazine NZ - - Property -

Tim Carter, Ma­nurewa branch man­ager In Ma­nurewa, our av­er­age sale price is around $675,000. Most of the peo­ple who come to us look­ing to buy are in that price range — and they’re firsthome buy­ers or in­vestors. There’s plenty of op­por­tu­nity here, and in nearby Takanini. We’ve got a great com­mu­nity-fo­cused de­vel­op­ment, the McLen­nan project, which is aimed at first-home buy­ers.

It’s com­mon, and re­ally prac­ti­cal, to buy through Ki­wiSaver, but it does mean that it’s harder to buy at auc­tion, as this re­quires you to be un­con­di­tional. While we’re see­ing a rise in the “Bank of Mum and Dad” in Auck­land, with par­ents pitch­ing in to get their kids into their first home, out here in Ma­nurewa that’s al­ways been the way. It’s not just mum and dad, it’s en­tire fam­i­lies help­ing out to get a young cou­ple over the line.

When look­ing ahead, a lot of how the mar­ket pro­gresses will de­pend on what the Gov­ern­ment does in re­gards to leg­is­la­tion — as well as the stock that’s avail­able. Here in Ma­nurewa, we sell a lot of older homes, many are ex-state houses and the re­al­ity is that they’re of­ten a bit of a do-up. Many prop­er­ties are also be­ing re­de­vel­oped un­der the new Uni­tary Plan. It’s in­ter­est­ing times.

For the younger peo­ple want­ing to get into the mar­ket, they’ve sim­ply got to start sav­ing as soon as pos­si­ble — and be re­al­is­tic about what they can af­ford. Your first prop­erty is not go­ing to be a four bed­room, ul­tra-mod­ern home, so it’s good to see your first pur­chase as a step­ping stone. The idea is to just work on get­ting into the mar­ket, and once in you’re in you can grad­u­ally start to move up to the next level.

At Barfoot & Thomp­son, we’re see­ing young cou­ples who came to us for the first time three or four years ago and now they’re sell­ing, with the abil­ity to buy some­thing much bet­ter than their first home. Of­ten they’ve put a lot of ef­fort into the prop­erty to get it up to a higher stan­dard — it’s an ex­cit­ing next step for them.

With prop­erty, it’s not where you start, it’s where you fin­ish.

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