Ed McKnight: Opes Partners Resident Economist on housing prices nearing their longest downturn in modern history

First-home buyers appear to be making the most of the ongoing housing downturn.  New Zealand's close to its longest downturn in prices in modern history – nearing five years.  Auckland house prices are 22% below their peak, while Wellington's down 28%.  Opes Partners economist Ed McKnight told Heather du Plessis-Allan it's playing in some buyers' favour.  He says we've got the highest share of homes being bought by first-home buyers since records began in 2005.  LISTEN ABOVE See omnystudio.com/listener for privacy information.