Demographia International Housing Affordability Survey
21 January 2013
United States * United Kingdom
Canada * Australia
New Zealand * Ireland
Hong Kong (China)
HON BILL ENGLISH
Deputy Prime Minister of New Zealand
The 2013 9th Annual Demographia International Housing Affordability Survey covers 337 urban markets of the United States (216); United Kingdom (33); Canada (35); Australia (39); New Zealand (8); Ireland (5) and Hong Kong (China).
A supplemental analysis of Singapore is also incorporated within the Survey.
The Survey is based on the “Median Multiple” – where the median house price is divided by the gross annual median household income.
In affordable and normal housing markets, house prices do not exceed 3.0 times annual household incomes.
If they do exceed this standard, it indicates that there are political and regulatory impediments to the supply of new housing that need to be dealt with (further research required on dense high rise urban environments such as Singapore and Hong Kong, to ascertain the affordability ceiling).
There is no mystery about the supply of affordable new housing and a simple structural definition of an affordable housing market is provided within the Survey.
Detailed analysis and commentary is provided on each of the countries surveyed – with a focus on individual urban markets – their trends and political developments.
Information on important international research is also provided.
The Introduction to this year’s Survey is contributed by the Deputy Prime Minister of New Zealand Bill English.
Mr English explains why the New Zealand Government is committed to restoring affordable housing in New Zealand – and is focused on the four structural impediments – being –
• Construction costs
A recent New Zealand Television One Colmar Brunton Poll found that 62% of all and 75% of young (18 – 35) New Zealanders are demanding the Government allow affordable housing be provided.