Auckland houses beyond reach

A Massey University Home Affordability Report has said that Auckland is now 59% less affordable than the rest of the country.

The report, which covers the quarter from October to December 2015, shows an overall improvement in national affordability of 5.7%.

“In Auckland, despite continuing high values and severe unaffordability, there has been a slight quarterly improvement of 1.4%. This means Auckland homes are more affordable than reported in September figures and that the previous deterioration trend in affordability has slowed from 16.6% to 3.7%.

However, at 59% less affordable than the rest of the country, the margin by which Auckland exceeds the national figure tops historical levels.

Other regions remain more affordable than the national average.

The most affordable area to buy a home is Southland, closely followed by Manawatu/Whanganui and Taranaki. Areas close to Auckland like Waikato and the Bay of Plenty are less affordable, arguably because of the ripple effect of the hot Auckland market.

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