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First home buyers: What you can buy around the country under the new First Home Loan price caps

The Government's announced changes to the First Home Loan and Grant, boosting the price cap for eligible property.

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1 NEWS takes a sampling of what’s on the market, and what it’s going to cost you. Source: 1 NEWS

So what can you get for your money around the country?

In Auckland, under the cap for existing properties at $625,000, there's a one-bedroom apartment in a central city block — but it's small, only 51 square metres.  

Conversely, there's a three-bedroom house in Wellsford. However in traffic, that could be more than an hour-and-a-half commute to the CBD.

Wellington's not a lot better.

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Some warn that house prices might not just slow but outright fall. Source: 1 NEWS

A two-bedroom, 80 square metre apartment in the central city is under the cap, but its buyer will pay more than $15,000 a year in body corporate fees. 

Or you could get a house in Upper Hutt which, like Wellsford, could take up to an hour and a half in traffic to get to the city, or more than an hour by train. 

In Tauranga, there's a one-bedroom apartment; a compact 43 square metres, it's on the market for just shy of $400,000.

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Ōpōtiki Mayor Lyn Riesterer says her town isn’t immune from the housing crisis. Source: 1 NEWS

Further south, there's a two-bedroom unit in Dunedin below the city's cap of $425,000. It's 60 square metres and comes with a courtyard.

In Queenstown, a price tag of $535,000 keeps an apartment under the city cap of $600,000 - two bedrooms, and it even comes fully furnished. 

Meanwhile, in other regions you can't even find a place to rent, and there's only a handful of homes for sale.