First home buyers rejoice — it's now cheaper to buy than rent in nearly 200 towns and suburbs across New Zealand.

That includes Auckland Central, where a typical month's mortgage repayments are $670 less than rent for the same period, new data from analysts OneRoof-Valocity shows.

With record low interest rates likely to drop even further on the back of the shock cutting of the official cash rate to 1 per cent, the deal for first home buyers could get even better.

It's led mortgage advisers to call on aspiring homeowners to start crunching the numbers and consider giving up

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Better off buying than renting