Housing affordability improves

According to the latest Massey University Home Affordability Report, there was a 4.4% improvement in national affordability over the most recent quarter.

It also shows a small improvement of 2.1% in affordability over the past year.

While there were varying results across the country over the past quarter, seven out of 13 regions showed improvements in affordability.

Northland led the way with a 6.5% improvement in affordability.

Massey University associate professor Graham Squires says decreasing house prices around New Zealand continue to be the key driver.

The country’s most expensive regions – Auckland and Central Otago Lakes – were amongst the regions to show declines in house prices, he says.

“Auckland’s median house price fell by $14,000 and Central Otago Lakes’ by $20,000 over the quarter.

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Source: Goodreturns