Why First-Time Buyers Shouldn't Wait: Economic Insights from ANZ

Looking to buy a home but feeling unsure about the current market? This candid conversation between Zebenisa and James Buchanan unpacks fresh insights from ANZ Bank's latest economic forecast that might just change your perspective on property investment during economic uncertainty.

James shares valuable insights from an ANZ economist webinar, revealing that we can expect three more OCR cuts by February, potentially bringing rates down to 2.5%. This is excellent news for mortgage holders and prospective buyers alike. While inflation remains a concern, particularly in areas like council rates and utility bills that aren't affected by OCR changes, the overall economic outlook suggests now might be an ideal time to enter the property market.

What's particularly fascinating is the current bottleneck in the market – numerous potential buyers with pre-approvals and healthy KiwiSaver deposits are hesitating due to economic jitters. Those moving forward tend to be people tired of renting uncertainties. For first-home buyers, this presents a unique opportunity with lower competition and stable prices predicted for the remainder of the year. The conversation takes an interesting turn when discussing long-term property investment strategies, including buying before moving overseas and renting your property while earning in stronger currencies. Several real-world examples highlight how this approach has benefited Kiwis working in places like Hong Kong, while cautioning against the opportunity cost of waiting decades to enter the market.

Ready to explore your options in this buyer's market? Connect with a mortgage broker sooner rather than later to understand your position, even if you're not quite ready to buy. Remember – property investment is a long-term game, and current conditions offer an opportunity that may not last indefinitely. Share your thoughts on today's market conditions or reach out with your property questions!

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