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Home / New Zealand

Housing affordability improves across country

APNZ
10 Oct, 2013 04:53 AMQuick Read

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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.

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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.

Discover more

Banking and finance

QV reports lift in property values

08 Oct 11:45 PM
Opinion

Editorial: Success of housing plans really depends on the buyers

09 Oct 04:30 PM
New Zealand|politics

Prepare $200k nest egg - govt report

09 Oct 04:30 PM
New Zealand

Auckland affordability edges up

10 Oct 04:30 PM
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