First home buyers encouraged to learn from post-quake Christchurch

Aerial view of liquefaction and earthquake damaged houses in Christchurch. Photo / Geoff Sloan

Auckland first home buyers are being encouraged to learn some lessons from post-quake Christchurch.

The Christchurch-based First Home Buyers Initiative held its first meeting for prospective super city home buyers in central Auckland last night.

More than a hundred people turned up to hear from experts on the finer points of saving, lending, home buying and insurance.

Initiative president Jared Jamison says Christchurch's experience showed the importance of insurance, security and not rushing into buying a house.

He said first home buyers may want to slow it down, think about holding off for a year or two, or consider buying in another major centre.

The meeting came hours after data showing the average Auckland house is now valued at more than a million dollars.

One prospective buyer, Gina, said she and her husband were waiting until they find a house they want, at a price they can afford.

She was constantly keeping her eye out for affordable houses, on Trade Me and in newspapers.

Hopeful first-time buyer, Kylie, says she and her husband may have to move outside the region.

She says they would probably move to Waikato, meaning her husband would have to commute to the central city everyday.

Another prospective buyer, Chris, said half a million dollars used to buy a good house but that is no longer the case.

He said his parents bought a house for $550,000 five years ago, and it's poles apart from the quality of housing he can find for the same price now.

Another, Jolene, said she was now holding off buying her first home.

She knew what she wanted, but wass holding off because the price range was currently so high.

Jamison said while some buyers were worried the value of their house could suddenly drop, experts did not believe that would happen.

He said what many people are calling the "Auckland housing crisis" was the new state of the market, and it was here to stay.