NZ housing rated severely unaffordable
Housing in New Zealand is severely unaffordable, according to the latest annual Demographia International Housing Affordability Survey.
The survey gave New Zealand a median multiple of 5.3 for housing affordability, which is above the historic norm of three.
All major markets in Australia and New Zealand, as well as Hong Kong, were judged to be severely unaffordable. Of the 325 markets the survey covered, 115 were affordable, 94 were moderately unaffordable, 42 were seriously unaffordable and 74 were severely unaffordable.
All of the affordable markets are in the United States. The most affordable market is Atlanta, with a median house price of $US129,400 ($NZ170,485).
Hong Kong was the least affordable major market, with a median multiple of 11.4. Sydney second with a median multiple of 9.6 and Vancouver was 9.5.
New Zealand's housing was affordable in the early 1990s, with a median multiple of under three, the survey said.
Auckland now has a median multiple of 6.4, with Christchurch on six and Wellington on 5.5, which is regarded as severely unaffordable. Tauranga-Western Bay of Plenty was again the least affordable market, with a median multiple of 6.5.
Four of the eight New Zealand markets were severely unaffordable, while four more were seriously unaffordable: Palmerston North on 4.1, Napier and Hastings on 4.7, Hamilton on five and Dunedin on five.
New Zealand had no affordable markets and no moderately unaffordable markets in the survey.