Housing affordability improves in most regions

Housing has become more affordable for first-home buyers across New Zealand, according to the latest interest.co.nz Home Loan Affordability Report.

According to the report, movements in affordability were mainly driven by changes in the Real Estate Institute of New Zealand’s (REINZ) lower quartile selling price, which dropped slightly in May in nine regions compared to April in eight regions, improving affordability in those regions.

In May, the Bay of Plenty, Hawkes Bay, Manawatu/Whanganui, Wellington, Nelson/Marlborough, Canterbury, Otago and Southland recorded the most improved affordability. This was driven by price falls and a modest fall in average mortgage rates by major banks.

However, the report also shows that lower quartile price was up in in four regions compared to April, suggesting worsening affordability in those places.

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