All sectors of New Zealand housing market ‘severely’ unaffordable: survey

Abstract

Every urban housing market in New Zealand is regarded as “severely” unaffordable, a major report has found, despite efforts by the government to address skyrocketing property prices.

The Demographia international housing affordability survey studied more than 300 urban housing markets in eight countries and found housing in New Zealand was now more than seven times the median income, making it out of reach for most.

The country’s housing crisis – which has seen the homeless population grow, and the waiting list for a state house reach record highs – has spread to the provinces, the Act party’s leader, David Seymour, said.

“The effect of this is that even well-paid, professional Kiwis are unable to buy homes in the cities where they work,” he said. “This is a serious threat to productivity, the main driver of our living standards.