This under-construction Mangere Bridge development has homes starting from $825,000. Photo / Supplied
This under-construction Mangere Bridge development has homes starting from $825,000. Photo / Supplied
First-home buyers can now choose from nearly 1650 extra Auckland properties and still be eligible to receive a government cash contribution towards their deposit.
That's according to property website OneRoof, which shows about 3070 Auckland properties on sale right now for less than $875,000.
These include a harbour-view apartment highin the city's tallest building, modern townhouses and even a five-bedroom beachfront home.
It comes as the Government yesterday raised Auckland's First Home Buyer grant cap from $700,000 to $875,00.
It means eligible first-home buyers purchasing Auckland houses worth $875,000 or less can receive a government contribution of up to $5000 towards their deposits if buying an existing home and up to $10,000 on new builds.
To qualify, first-home buyers need to earn $150,000 or less and have made regular contributions to their KiwiSaver funds.
Overall, OneRoof shows there are about 3070 Auckland homes on sale for less than the new $875,000 grant cap compared to 1417 on sale for less than the old $700,000 cap.
"This is good news for first-home buyers," Real Estate Institute chief executive Jen Baird said about the higher new cap.
"There has been really sobering reading about their chances of getting into the market for the last few years so they'll feel pleased."
With home ownership rates dropping in New Zealand, the grant was originally introduced to help first-home buyers save enough money for a deposit.
This two-bedroom apartment in the Viaduct looks out over yachts and is on sale for $849,000. Photo / Supplied
However, in recent years house prices have skyrocketed while the grant's cap has widely been viewed as not keeping up.
As an example, Auckland first-home buyers typically paid $1.04 million for their properties during the first quarter of this year, analysts CoreLogic said.
That is well above the new grant cap of $875,000 and even further above the previous $700,000 cap.
This mismatch has been blamed for fewer buyers accessing the payment in recent years.
The Government announced yesterday it would now review the caps every six months in a bid to ensure they better matched up with market prices.
However, experts remain mixed about how much difference the new grant caps will make given interest rates are rising, and many buyers are finding it hard to secure home loans under tighter lending rules.
Despite that, for those buyers able to access the grant, here's a look at some of the properties they can potentially pick up.
City apartments
Want to live in the heart of the city and score a $10,000 Government grant?
The new Seascape skyscraper being constructed near the waterfront on Customs St will become Auckland's tallest residential building once finished.
First-home buyers wanting to receive the Government grant can consider buying a one-bedroom studio in the under-construction Seascape building. Photo / Supplied
It has one-bed, studio apartments looking over the water on sale for $844,560.
Okay, at just 46sq m of floor space, it will be a squeeze. However, the apartments boasts modern conveniences, a balcony and residents also get access to facilities such as a lap pool.
For those who'd prefer more room, this Halsey St apartment in the Viaduct looks out over marina-docked yachts and comes with an extra bedroom and nearly double the floor space at 85sq m.
There's also another lap pool, while the asking price is $849,000.
However, first-home buyers should also be aware that some apartments come with additional annual body corporate and leasehold costs that may make it harder to secure bank loans.
Those on slightly tighter budgets can potentially pick up this attached three-bedroom home in Drury on sale as price by negotiation but expected to be below the grant cap.
Those who can't find a traditional family home might consider a more unusual buy.
This Mount Roskill brick-and-tile appears to have been split, divided and extended over the years so that now just the second-storey floor is being advertised for sale as its own property.
It has three bedrooms and floor-to-ceiling windows that its agents go so far as to acclaim as "penthouse" living.
"Penthouse" living: First-home buyers could consider buying the top storey of this unusual Mt Roskill property. Photo / Supplied
Those lucky enough to be able to work from home in the post-Covid era could consider this six-bedroom home in Whangaparāoa, 36km north of the city.
It is beautiful inside and sits right on the water.
Would-be buyers might not want to get too excited, but this gorgeous Whangaparoa home pops up on property websites when they are filtered for homes less than $850,000. Photo / Supplied
But it's also listed as price by negotiation, so although it shows up on the OneRoof site when the homes are filtered for $850,000 or less, buyers may need to be aware it could sell for a higher price.
