Worsening affordability for first-home buyers as property prices rise in most major NZ cities

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1 NEWS

The latest Housing Affordability Measure (HAM) has today been released and it's bad news for Kiwi first-home buyers as house prices in most major cities have risen.

Real estate, housing

Source: 1 NEWS

The results cover the time period from March 2016 up to March 2017, and in general show a decline in affordability in the major cities from the previous HAM data.

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The HAM uses household-level data to compare income after housing costs of renters and potential first home buyers, to income after housing costs for the average New Zealand household in June 2013.

Worsening affordability for first-home buyers at that national level has been driven by higher house prices in Auckland, Wellington, Christchurch, Hamilton and Tauranga.

In the previous HAM data release, affordability in Christchurch and Wellington was improving and Auckland's affordability was largely stable.

In contrast to the property market, rental affordability was largely stable at the national level in the latest HAM.

Rental affordability improved in Auckland and Tauranga City, was flat in Hamilton City and Wellington City, but worsened in Christchurch.

Click here to explore the full report and its data.
 

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