First-home buyers have become a much bigger part of New Zealand’s home-buying market than they were nearly a decade ago.

Across the first seven months of 2026, they made up 35.9% of purchase-mortgage borrowers. In July, 2,732 first-home buyers accounted for 36.2% of purchase-mortgage borrowers.

Back in January 2017, that share was just 20.8%.

KiwiSaver tells a similar story.

So far in 2026, about 4,280 members a month have made a first-home withdrawal. In March, 5,380 members made a withdrawal — the highest monthly count in the series shown. By July, 4,660 members withdrew $214.9 million.

First-home buyers are holding up even as the wider market remains subdued.

Official data released in August shows national sales were below a year earlier in every month from January to May 2026. Prices have also been moving mostly sideways after falling from their 2021 highs.

More recent market updates from June to August point to a similarly flat-to-soft picture, rather than a clear rebound.

Investor activity appears to have cooled.

Recent reporting from interest.co.nz points to much lower investor mortgage activity than a decade ago. At the same time, Cotality reports that the share of homes resold for a profit has fallen to its lowest level since 2012.

Flat rents and the relatively high costs of owning and financing a rental property are also making the investment numbers harder to stack up. Interest.co.nz specifically highlights weaker rental yields and tighter cash flow for mortgaged investors.