Housing affordability improves across country

Photo / Herald on Sunday
Photo / Herald on Sunday

Housing affordability has improved slightly across New Zealand in the quarter ending August 2013, with Auckland remaining the least affordable region and Southland the most affordable.

In its latest Home Affordability Report, Massey University's real estate analysis unit found the "all districts national affordability index" improved by 1.47 per cent during the quarter.

This followed a $2000 reduction in the national median house price, a 72 cent increase in the average wage rate and a reduction in the average mortgage interest rate from 5.57 to 5.52 per cent.

Regionally, Central Otago/Lakes, Wellington, Southland, Auckland and Canterbury/Westland showed improved affordability over the quarter, while affordability declined in Hawke's Bay, Manawatu/Wanganui, Otago, Taranaki and Nelson/Marlborough regions.

However, when viewed on an annual basis Auckland's housing affordability deteriorated, and it is still the nation's least affordable region with an index of 135 per cent of the national average.

Southland is still the most affordable region in New Zealand with an index of 52.3 per cent of the national average.

The full report is available here.

- APNZ

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