PHOTO: CoreLogic Chief Property Economist, Kelvin Davidson
- The average property across NZ is now worth 8.8 times’ the average annual household income, up sharply from 8.3 just three months earlier.
- It now takes a record 11.7 years to save a deposit, up sharply from 11.1 years at the end of September 2021 and well above 9.3 years from a year ago.
- 48% of gross household income is required to service an average mortgage up very sharply from 42% just three months ago and 33% in Q4 2020.
- Rental costs have also worsened and now absorb 22% of gross average household income, another record high.
CoreLogic Chief Property Economist, Kelvin Davidson warns that the reality on some of the affordability measures may be even worse.
“It needs to be noted that some renting households will be earning much less than the national average income which is what this measure is based on, which means their housing affordability position will actually be worse than these figures suggest.”
READ THE FULL REPORT HERE: CoreLogic NZ Housing Affordability Q4 2021 Report
