Decline in affordability round NZ

Massey University’s latest Home Affordability Report shows there was a decline of 9.6% in national affordability in the March to May 2017 quarter.

It also shows that most regions have seen a decline in affordability over the quarter, as well as over the past 12 months.

The only exceptions are Otago – not including the Central Otago Lakes region – where affordability improved by a modest 1.9% over the quarter, and Canterbury/Westland where affordability improved by 0.5% year-on-year.

According to the report, the decline in affordability was largely driven by increases in house prices in nine regions over the quarter, which contributed to a 9.1% increase in the median house sale price.