The number of first home buyers purchasing a home of their own in June fell sharply, although the decline wasn't as severe as it was for the overall market. According to the Reserve Bank, 2195 mortgages were approved to first home buyers in June, down a substantial 19% compared to May. This pushed first home buyers' estimated market share of housing sales in June, mortgages approved to first home buyers as a percentage of REINZ sales, to a whopping 50.4%. It should not be a surprise that first home buyers share of the market is peaking when the overall market is doing a freeze. That tends to make the volume of purchases by first home buyers less volatile than those of investors and owner-occupiers, even in market downturns.

Source: Stuff July 30, 2024 01:25 UTC