First-time buyers helped into property
Research commissioned by Auckland real estate agency Barfoot and Thompson found 47% of people who bought their first home in the last five years received some form of financial assistance from a family member.
That’s up from 31% pre-2010 and 13% in 1970.
“The research supports what our salespeople have been reporting, with a greater number of first-home buyers visiting open homes with their family and having financial assistance, usually from their parents, to complete the purchase,” said Barfoot and Thompson managing director Peter Thompson.
He said that meant sellers might need to make their properties appeal to more than one generation of buyer.
Those getting a helping hand from family over recent years were primarily being given money as a gift (44%) or a loan (34%).
While purchasing a standalone house with a partner remains most common, the research showed some first-home buyers were finding other ways of buying.
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