Buying Waikato home more affordable

Buying a home has become more affordable in Waikato over the past 12 months,

Massey University's Home Affordability Report shows of 12 regions in the country,

Home affordability improved nationally by 4.9 per cent in the past year and by 12.8 percent in Waikato/Bay of Plenty.

The University's Affordability Index is worked out by comparing house prices, mortgage rates and average incomes.

Real Estate Institute of New Zealand (REINZ) released figures yesterday showing the national median house price increased from $370,000 in August to $371,000 in September.

During the quarter ending August 31, 2012, national affordability improved by 2.8 per cent, and eight regions showed improvements.

The biggest rises were in Manawatu/Wanganui (9.4 per cent), Hawkes Bay by (8.4 per cent), and Waikato (4.9 per cent).