First home

PHOTO: First homebuyers. FILE

Regrets stemmed from a Reddit post titled “Anyone Regret Buying Their First Home?” which garnered over 230 responses. The initial post queried, “Just wondering, anyone regret buying their first home? (sic),” followed by an explanation of the author’s own remorse.

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The thread quickly filled with anecdotes, including one individual recounting a declining property value and the struggle to meet mortgage payments. Another shared a story of a problematic home purchase, while a third mentioned missed opportunities due to an unwavering belief in perpetually rising property values, akin to China.

One person described the daunting task of saving for a first home deposit, expressing doubts about its feasibility. Another conveyed the challenge of starting with a smaller home and contemplating the prospect of a larger mortgage for the desired property.

However, not all participants had regrets, with some expressing contentment with their first-home purchase. One mentioned a substantial increase in their property’s value, describing it as the best decision of their life, while another celebrated the joy of homeownership compared to renting or living with parents in their 30s.

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The article highlighted the 30% surge in house prices in 2021, driven by factors like low interest rates, housing scarcity, and the fear of missing out on rising property prices. Nevertheless, rates subsequently increased significantly due to aggressive Reserve Bank cash rate hikes, resulting in a decline in house prices. According to the Real Estate Institute of New Zealand, the median house price dropped to $767,000 as of July 31, down from its 2021 peak of $925,000.