There's no time like the present for would-be homeowners to get themselves on the property ladder as house prices continue plummeting, according to one expert.
New Zealand property prices dropped for a fifth consecutive month in August, according to Trade Me, after peaking earlier this year.
The national average asking price was $899,200 in August - the first time it had fallen below $900,000 since October last year.
But CoreLogic data for August showed first home buyers made up just 25 percent of property purchased that month. That was, however, the highest share of first home buyers in the market since December.
Property Apprentice founder Debbie Roberts told AM the best time to buy was now.
She said while the market was variable, people shouldn't wait for it to drop to the lowest possible point.
"At the moment you've got this weird thing going on where interest rates are still below the long-term average, we've got people sitting on the sidelines waiting for the best time to buy - what the heck are they waiting for?
"Are they waiting for the market to hit the bottom? Well, good luck with trying to guess that. Are they waiting for interest rates to drop? That could be a while away," Roberts told AM.
Her comments come amid expectations the Reserve Bank will announce an eighth consecutive interest rate rise on Wednesday as breaking the cycle of inflation proves increasingly difficult.
The central bank was expected to raise the official cash rate (OCR) by 50 basis points to 3.5 percent.
ANZ has said it doesn't expect the OCR to peak until the middle of next year.
By that stage, Roberts said other buyers would be back in the market.
"Do you want to be competing with all of them or do you want to buy when there's less competition and more listings to choose from?"
Roberts had some advice for those Kiwis looking to make the leap into homeownership.
"Sort out your budget - that's really helpful," she said.
"Look on the Kainga Ora website… to see what the qualifying factors are there because you might get some free money.
"Then go shopping and negotiate - because there's less competition."
