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First-home buyer? Looking for creative paths to home-ownership?

The Kiwi dream of owning a house is not over – it’s simply taking a new direction.

According to BNZ Financial Futures Research, a growing number of first-home buyers are thinking laterally, and are planning to enter the housing market through property investment.

BNZ asked aspirational first-home buyers what they were prepared to do to get on the property ladder. Notably, 44 percent said they would buy a rental in a more affordable neighbourhood, town or region, and become a ‘renter-landlord’. Other respondents said they would consider shared ownership and join forces with friends (14%) or family (30%). Also interestingly, 19 percent said they would buy land outside of the city they lived in and build from scratch.

A response to rising prices

BNZ’s findings paint an interesting picture of the current housing market: property investment is no longer viewed as an ‘exclusive club’ but rather a creative, non-traditional route into homeownership. Some would say that ‘necessity is the mother of invention’. [Read more…]