Housing affordability hits 'crisis' point in Tauranga

A new global survey says housing is less affordable in Tauranga than it is in Auckland. Source: 1 NEWS



Five suspicious fires at nearly completed central Auckland building

Fire and Emergency has dealt with five suspicious fires today at the same building under construction in central Auckland.

A spokesperson says there were four fires this afternoon at the Albert Street site and one on a stove top earlier in the day.

The fires were on levels eight, 10 and 14 of the building, which is just a month away from completion. 

The interior sprinkler system helped to minimise damage and the fires are now out, but investigators remain at the scene. 

At one stage there were 13 fire trucks in attendance.

No one was inside the building at the time of the fires.

It's believed that two fires at the construction site were deliberately lit. Source: 1 NEWS

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'It's impossible in this market' - Tauranga homes now less affordable than Auckland

Tauranga is now less affordable than Auckland according to a global survey released today.

The Demographia International Housing Affordability Survey compares median incomes with median house prices.

First home buyer, Jade Burger, says the findings come as no surprise, and she’ll have to keep saving.

"The dream home is a long, long way away.. it's impossible in this market", she says.

A new global survey says housing is less affordable in Tauranga than it is in Auckland. Source: 1 NEWS

In the global survey ranking 293 housing markets, Hong Kong was identified as the least affordable, with house prices nearly twenty times higher than wages.

One of the co-authors, Hugh Pavletich, says "the affordability situation in Tauranga is in a crisis situation at 8.9 times incomes".

However he says Tauranga has a high retirement population, so incomes are lower.

Youngstown in the US was the most affordable, with houses there just under double the median yearly income.

In New Zealand, Palmerston North and the Manawatu have the most affordable homes, but they still rank as "seriously unaffordable" at four and a half times the median wage.

Auckland and Tauranga are both in the severely unaffordable range, and are the twelfth and thirteenth least affordable markets in the whole survey.

Jade Burger is the human face of a global affordability survey showing Tauranga is now less affordable than Auckland. Source: 1 NEWS