Sometimes the grass is not greener on the other side.
Anyone thinking of emigrating to Australia because the standard of living is said to be better, may have to think again.
One of the prime reasons often put forward by Kiwis for making the big move to Australia is "houses are cheaper".
However, new figures out today show
housing affordability across the Tasman at its lowest level in nearly a quarter of a century.
The Housing Industry Association of Australia's (HIA) affordability index fell nearly 3 per cent in the June quarter and it is now 6.5 per cent lower than a year ago.
However, there remain significant differences in the various cities.
In its quarterly monetary policy statement, the Reserve Bank of Australia (RBA) said prices in Sydney had increased moderately, while there were strong increases in Melbourne, Brisbane and Adelaide.
Perth house prices have been broadly flat, however, after earlier sharp increases, the RBA said.
"Strength in the upper end of the Sydney and Melbourne markets is indicated by rising auction clearance rates, which have recently been above average in both cities."
HIA managing director Ron Silberberg says last week's interest rate increase will only exacerbate the situation.
"The typical first home price is now in excess of A$420,000 and the income required to service a loan on that house is about A$100,000," he said.
"With interest rates having increased, that is a further blow."
- RADIO AUSTRALIA, AAP
