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There has been an increase in Rodney first home buyers (FHBs) over the past few years, but the average age of this segment is older than ever before, according to local real estate agents.
This aligns with a nationwide trend which has seen the number of FHBs increase, accounting for nearly 25 per cent of all property purchases across the country between January and April 2025, revealed in the inaugural Cotality-Westpac NZ first home buyer report.
This is well above the long-term average of 21 to 22 per cent.
The report also found that the average age of FHBs in New Zealand is around two to three years older than in 2019 – in Auckland it’s 37, in Wellington it’s 36, and in Christchurch it’s 35.
Ray White Warkworth licensed agent Mick Fay says he’s helped quite a few older first home buyers recently.
“The beauty of what’s happened for a lot of those guys is they’ve got quite a bit of money in KiwiSaver now, and they’ve got access to it,” he says.
“In general I’ve seen a lot more first home buyers in the area compared to six months ago.
“It’s more affordable now with interest rates going south. They were up around eight per cent but have come back down. I saw a bank offering under five per cent for 18 months recently. So that’s a huge saving when you’re getting a big mortgage.”
Independent agent Donna Wyllie says the age of first home buyers could be rising because they have to save a lot more these days for their first house (compared to the pre-covid real estate market).
“It’s not easy for young ones to buy so they’re tending to be a bit older. Also there’s general social trends like people getting married later as well, so they’ll be older when they look to buy a home together,” she says.
Westpac NZ senior economist Satish Ranchhod says the average age increase of FHBs partly reflects conscious lifestyle choices – such as travelling, building careers, or starting families – but housing affordability remains a key factor.
“Even with prices well below their 2022 peak, getting onto the property ladder still takes time, especially in larger centres like Auckland where prices tend to be higher.”
Cotality chief property economist Kelvin Davidson says first home buyers may be older, but they’re entering the market with a clear plan and strong decision-making.
“They’re capitalising on their ability to tap into KiwiSaver, abundant listings, modest price growth and accessible finance to secure better homes in many cases. Making full use of the low-deposit lending allowances at the banks is another support for FHBs,” he says.
“The big drop in interest rates over the past year has been a key factor that’s helped more New Zealanders into their first home.”
Cotality projects that national property sales will increase from 82,000 in 2024 to around 92,000 this year, with modest growth in values over the calendar year – around 5 per cent. Although FHBs may see their market share edge down later in the year as other buyer groups re-enter the market, the total number of first home purchases is expected to rise.
Cotality’s inaugural FHB report
The Cotality-Westpac NZ first home buyer report draws on Cotality’s extensive housing market data, as well as Westpac’s information about borrowers, to offer insights into the purchasing behaviours, property preferences and financial profiles of New Zealand’s FHBs.
