First home buyers are riding high in a property market fuelled by increased choice and favourable loan rules

The latest Cotality-Westpac NZ report show they accounted for 27.7 percent of nationwide purchases - up from 26.9 last year.

Loan-to-Value Ratios for new entrants to the market have increased from 75 percent to 79.

Senior Research Analyst, Kelvin Davidson, says in a busier overall market, they're buying more properties in absolute terms.

He says both sides of the equation are looking good, with the number of deals at a four-year high, and percentage of deals at a record high.