First-home Highs

First-home buyers in Auckland pay almost $200 more a week in mortgage repayments than those starting on the property ladder nationally.

New figures show the gap between what young house-hunters in the city face and what the rest of the country will pay for a first house is widening.

The data, provided by CoreLogic, shows the median price a first-home buyer in Auckland paid in the first three months of the year was $520,000 – a jump of $233,000, or 81 per cent, since 2004.

Nationally, it was $376,000 – a jump of $161,000 or 75 per cent. The national figure is $144,000 less than for Auckland.

CoreLogic defined a first-home-buyer transaction as one where none of the new owners has owned property in New Zealand previously, and has also taken out a mortgage.

Using sorted.co.nz’s mortgage calculator on the current floating interest rate of 6.24, and assuming the buyer had a 20 per cent deposit, the prices equate to weekly repayments of $700 for a 20-year mortgage in Auckland.

full story here NZ Herald News.