House prices outstripping wages, claims CTU

The CTU says people aren't earning enough to afford their own home.

The Council of Trade Unions is calling for wage increases to keep up with house prices.

The latest figures show a slight drop in house prices with the national median falling $2,500 to $345,000.

CTU President Ross Wilson says housing is still too costly, with prices outstripping wages four to one.

He believes ownership is getting further out of reach for many people and even those who have managed to get into their own home are getting deeper in debt because they are not being paid enough.

He says many are drawing heavily on the equity in their houses to fund spending.

- NEWSTALK ZB