NZ housing 'severely unaffordable' globally

An international survey on housing affordability has confirmed what Auckland house hunters already know.

New Zealand continues to be plagued with a severely unaffordable housing market.

But the annual Demographia survey puts us in the same boat as Hong Kong, Australia, and the UK.

The 19 most affordable markets were in the United States - where the housing crisis saw swathes of people walk away from their homes as values plummeted.

More than 60% of the eight markets measured here were severely unaffordable, with Auckland being the worst.

The survey measures house prices compared to household incomes - in affordable and normal housing markets that ratio doesn't get past three.

In Auckland, the median house prices is now 6.7 times that of the median salary.


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