PHOTO: ROBYN EDIE Property researcher Hugh Pavletich blames council inaction over land release for higher house prices in the regions.
New Zealand’s housing affordability is getting worse, with prices now seven times the median household income.
Research group Demographia’s annual housing affordability survey shows that New Zealand has a “median multiple” of 7, or seven times the median income for a median house – up from 6.5 the year before.
The survey, which monitors cities in eight countries, found Auckland was the sixth most unaffordable major market, level-pegging with Toronto at 8.6.
But the real surprise was Tauranga, which beat Auckland with a price-to-income ratio of 9.3.
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