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A look at why the property market favors first-home buyers

New Zealand’s housing market is in turbulent times as newly released CoreLogic data shows it is leveling off.

In April, national average house prices fell by 0.1%, after small increases in recent months.

In our largest city Auckland, this trend is being exacerbated, with values ​​falling by 0.6%.

Nationally, the average home price is now just over $900,000.

One of the reasons for the slow demand is interest rates. The average fixed rate mortgage rate is now almost 7%.

First home buyers are taking full advantage of these flat prices, increasing their share of sales by 20%, according to the Reserve Bank.

However, the number of new homes being built has fallen dramatically, with a 25% decline in building permits.

1News Business correspondent Katie Bradford looked at how buyers and sellers are feeling in the video below.

1News business correspondent Katie Bradford looks at both sides of the coin.