First-home buyers in Rotorua are trying to get a foot on the property ladder before Reserve Bank lending restrictions kick in, a local agent says.
New house sale figures released on Monday by the Real Estate Institute of New Zealand show July produced a bumper month of sales in Rotorua and across New Zealand.
Rotorua sales rose to 88, up from 66 in June. However, the median price across the region fell by $22,800 to $254,700.
The Government has just unveiled changes to the KiwiSaver and Welcome Home schemes designed to help more Kiwis into homes.
But Ray White Rotorua co-owner Anita Martelli said she knew of several first-home buyers trying to finalise sales now before new lending restrictions were introduced that would require buyers to raise bigger deposits.