The latest Massey University Home Affordability Report shows most regions of New Zealand have declined in affordability over the most recent quarter, as well as over the past 12 months.
The only exceptions are Otago (which excludes the expensive Central Otago Lakes region), which improved by a modest 1.9 per cent over the most recent quarter, and Canterbury/Westland, which showed a 0.5 per cent improvement year-on-year.
The report, which covers the period from March to May 2017, shows a nationwide increase of 9.1 per cent in the median house sales price over the quarter, contributing to an annual increase of 6.8 per cent.
“Some of the regions are surging past Auckland as a percentage change,” says report author Associate Professor Graham Squires from Massey’s School of Economics and Finance. “Year-on-year median house prices in Northland have increased by 28.3 per cent and in Nelson prices are up 21.8 per cent. This compares to a 3.7 per cent increase in Auckland.”
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