First-home buyers have become the largest single cohort in New Zealand's property market, now accounting for 27.7% of all purchases.
The group purchased 10,025 properties in the first five months of 2026, up from 9,794 in the same period last year. Overall property sales totalled 36,152 over the five months, a 4.7% decline on 2025.
Cotality chief property economist Kelvin Davidson said first-home buyers are "actually buying more properties" despite falling transaction volumes across the wider market. He said their market share continues to reach new record highs each quarter.
Other buyer groups have retreated from the market. Purchases by people moving from another owner-occupied house fell 11% year to date, while investor activity declined 6%.
Simplicity chief economist Shamubeel Eaqub said "there are a few other drivers that are creating that momentum" for first-home buyers, suggesting they may be motivated by expectations of interest rate rises later in 2026.
National property values increased 0.1% over three months but remain 0.6% below year-ago levels. Auckland values fell 0.5% and Wellington 0.6% over the quarter, while Christchurch rose 1.4%.