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Timaru's booming property market is hitting first home buyers hard. |
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South Canterbury sub-district REINZ chairman said first home buyers were paying up to $50,000 more for a home than 2 years ago.
Homes selling for $90,000 two years ago were now fetching between $130,000 and $140,000.
However, Timaru is still more affordable than other parts of New Zealand - Timaru has been underpriced for a long time. The New Zealand Real Estate Institute say the market in Timaru shows no signes of slowing down.
Timaru mortgage broker Malcolm McDonald says "It's really hard for first home buyers and they're struggling... Traditionally they've been able to look under $100,000 but they are virtually having to stretch to $140,000." He commented that the increased cost of buying a first home was pushing some buyers slightly out of Timaru because the prices are a lot better.
Real Estate Institute representatives say that many factors, including migration, had contributed to the rise.
"People are realising Timaru is a lovely place to live. It's close to the sea, mountains and has a lot of wonderful attributes. It's a great place to settle and raise a family."
(Timaru Herald)
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