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House prices in New Zealand too high for buyers to get Government s First Home Grant - data

But there s also a price cap on the property you can buy. It varies based on region - for instance in Auckland, an existing house can be up to $625,000, in Wellington $550,000, and Dunedin $425,000.  I believe they ve been set in line with real-time data, Finance Minister Grant Robertson told Newshub. They re set at the median of the lower quartile. What that means is they re supposed to be set at the middle price point of all the houses below the median house price.  But QV data provided to Newshub shows that lower quartile price is higher than a lot of the regional caps. The average starter house is too expensive. 

House prices too high for buyers to get Government grants

House prices too high for buyers to get Government grants Newshub 2 hrs ago © Image - Getty; Video - Newshub Watch Newshub political reporter Jenna Lynch s report. Newshub can reveal the Government s big move to give first-home buyers more money towards house deposits may not work.  The Government increased the price caps for properties based on the average house price at the lower end of the market. But in the vast majority of our major centres, the price caps are still not high enough. First-home buyers can get $5000 free from the Government to buy an existing home if they earn under $95,000 a year. A couple can get $5000 each if they collectively earn under $150,000. The grants are higher if you re building a new house. 

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