Times are tough for NZ borrowers, with mortgage rates remaining at their peak of around 7%.
And there is no clear sign yet of a fall in rates.
But there is some good news for home owners.
House prices seemed to have stopped falling and some are predicting a sharp turnaround.
The key drivers of this change appear to be the following,
Unemployment remains relatively low
Salaries and wages have increased as employers look to retain staff
Immigration has bounced back to record high levels
Interest rates remain high but have probably peaked with inflation now falling
With interest rates so high, you could be forgiven for assuming that house prices will remain flat for the near future.
However some experts now believe that the above factors will be enough to see a full reversal, with house prices actually starting to rise.
So given all of the above, now is probably a good time for first home buyers to jump on the property ladder.
But unfortunately it looks like it will be next year before we see any fall in mortgage rates.
