Interest rates key to affordability
The latest Massey University Home Affordability Report shows that, despite some pockets of volatility, housing affordability for most regions around the country improved year-on-year,
While New Zealand’s median house price in May was $506,000 – which was $46,000 more than it was in in May 2015 - actual affordability improved by 6%.
All regions except Central Otago Lakes and Waikato/Bay of Plenty showed an improvement in affordability since the same time last year.
However, the quarterly figures showed a reversal in the trend. Between March and June this year, affordability declined by 9.2%.
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