Affordability improvement will be short-lived
The latest Massey University Home Affordability Report has just been released and it shows a small improvement in the affordability of Auckland houses.
Auckland’s median house price fell by $15,000 to $750,000 over the December 2015 to February 2016 quarter – but that figure still represents a $75,000 climb over the past 12 months
Report author Dr Susan Flint-Hartle said the “modest” annual improvement of 3.1%, in the last quarter, was due to lower interest rates and the Reserve Bank’s LVR restrictions.
It was good news for policymakers intent on moderating the persistent inflation of Auckland house prices, but didn’t offer much relief to first homebuyers, she said.
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