Housing affordability worsens, as price tags rise faster than wages, says Massey Uni

Tue, 14 Oct 2014

By Suze Metherell Oct. 14 (BusinessDesk) - New Zealand housing is becoming less affordable as rising wages are not enough to offset climbing house prices and interest rates, says Massey University's latest quarterly Home Affordability Report. The national affordability index fell 11.4 percent in the year ended August 31, the report says. It found the average weekly wage increase of $28.06 was outpaced by a $30,000 rise in median house prices and the average mortgage rate increasing to 5.86 percent from 5.52 percent. The Reserve Bank in...

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