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Latest Home Affordability Report Out

Thursday, 10 October 2013, 10:05 am
Press Release: Massey University

Massey University's Real Estate Analysis Unit has released its latest Home Affordability Report, which shows that home affordability across New Zealand has improved slightly over the quarter ending August 2013.

This follows 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.

When the figures are considered on a regional basis, the results are more mixed. Central Otago/Lakes, Wellington, Southland, Auckland and Canterbury/Westland showed improved affordability over the quarter, while affordability declined in the Hawke's Bay, Manawatu/Wanganui, Otago, Taranaki and Nelson/Marlbrough regions.

However, when viewed on an annual basis Auckland's affordability has deteriorated, and it is still the nation's least affordable region with an index of 135 per cent of the national average. Southland retains its place as the most affordable region in New Zealand with an index of 52.3 per cent of the national average.

The full report can be downloaded from: http://economics-finance.massey.ac.nz/publications/property/HomeAfford/HomeAffordabilitySEPT2013v2.pdf

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