Tauranga has outranked Auckland to be New Zealand’s most unaffordable city, where residents can expect to fork out 8.8 times their annual household income to buy a home.

Demographia’s 14th International Housing and Affordability Survey showed Auckland was slightly more affordable than it had been in previous years, moving from the world’s fourth most unaffordable city to the ninth on a list of 92 major centres.

Tauranga is not classed as a major city in the data, so is not ranked on that list however in a more comprehensive data set included in the study, Tauranga, where residents must spend 8.9 times their annual household income to purchase a house, beats out Auckland.

The study used Stats NZ 2017 household income data to calculate the average household income in each city.

The next most unaffordable New Zealand place to buy a house was Hamilton-Waikato (6.5 times annual income required), followed by Napier-Hastings (6.1), Wellington (5.5), Dunedin and Christchurch (both 5.4), and Palmerston North/Manawatu (4.5).

The New Zealand median was slightly higher than Wellington, at 5.8.

Demographia is owned by US conservative commentator Wendell Cox who is a strong advocate for reducing urban planning regulation and curtailing public transport investment.

The report in part blames urban containment policies for restricting housing supply and pushing up prices.

Read the original source article

Stay tuned for the latest property news summaries and information, sent to your inbox fortnightly Sign up now

 

Share Post