Home buyer happy to beat the cash rate rise
It may be a good time to be renting, but Hamilton woman Katrina Bieleski is "very, very happy" to be in her own home.
In April the Times reported Miss Bieleski and partner Richard Houston were lowering their sights as Reserve Bank governor Alan Bollard hiked the official cash rate to 7.75 per cent, making their first home purchase harder.
On Thursday he did it again, sending the OCR to 8.25 per cent - a whole percentage point above where it was a year ago.
But the couple have recently bought a home and fixed their mortgage ahead of Thursday's OCR rise.
She was thankful they bought before the hike.
"We now know we're safe."
In April, the couple were paying $340 per week in rent but have just made their first weekly mortgage payment - about $530 - on their new $305,000 home in Maeroa.
They had been looking for a home for about a year and in that time Miss Bieleski had seen an increase in house prices but a decrease in quality.
The Waikato Times spoke to some Hamilton real estate agents to get a feel for what first-time buyers can get for their money.
Century 21 agent Conrad Zych said $250,000 would buy a two or three-bedroom house in areas like Fairfield, Livingstone and some parts of Hamilton West, Forest Lake and Nawton.
"Houses like these are limited, we would have 10 or 12 on the books at the moment," Mr Zych said.
"The market has slowed considerably; buyers are no longer being forced to buy and are sitting back and waiting."
Lodge Real Estate agent David Huang said: "For that amount of money you are looking at Frankton, Fairfield or Nawton."
Mr Huang added there were not many houses in that price range on their books at present.
http://www.stuff.co.nz/print/4143183a6579.html
It may be a good time to be renting, but Hamilton woman Katrina Bieleski is "very, very happy" to be in her own home.
In April the Times reported Miss Bieleski and partner Richard Houston were lowering their sights as Reserve Bank governor Alan Bollard hiked the official cash rate to 7.75 per cent, making their first home purchase harder.
On Thursday he did it again, sending the OCR to 8.25 per cent - a whole percentage point above where it was a year ago.
But the couple have recently bought a home and fixed their mortgage ahead of Thursday's OCR rise.
She was thankful they bought before the hike.
"We now know we're safe."
In April, the couple were paying $340 per week in rent but have just made their first weekly mortgage payment - about $530 - on their new $305,000 home in Maeroa.
They had been looking for a home for about a year and in that time Miss Bieleski had seen an increase in house prices but a decrease in quality.
The Waikato Times spoke to some Hamilton real estate agents to get a feel for what first-time buyers can get for their money.
Century 21 agent Conrad Zych said $250,000 would buy a two or three-bedroom house in areas like Fairfield, Livingstone and some parts of Hamilton West, Forest Lake and Nawton.
"Houses like these are limited, we would have 10 or 12 on the books at the moment," Mr Zych said.
"The market has slowed considerably; buyers are no longer being forced to buy and are sitting back and waiting."
Lodge Real Estate agent David Huang said: "For that amount of money you are looking at Frankton, Fairfield or Nawton."
Mr Huang added there were not many houses in that price range on their books at present.
http://www.stuff.co.nz/print/4143183a6579.html
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