New research suggests home ownership will soon be more out of reach than it has ever been before.
The latest Massey University Home Affordability Report shows housing affordability decreased 14.1 percent in the year ending in November.
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Current trends show Auckland's lack of affordability could reach historic levels.
Report author Professor Paul Gallimore says it's a similar story in almost every part of the country.
"The situation varies from region to region but affordability has declined in all regions," he says.
Key findings:
- Annual deterioration in national affordability of 14.1%
- Quarterly deterioration in national affordability of 10.2%
- Affordability projected to continue to deteriorate into 2015
- Rate of deterioration in Auckland affordability quickens pace in most recent quarter.
Worsening in affordability over the past year – by region:
- Northland – 10.5%
- Auckland – 16.4%
- Waikato/Bay of Plenty – 13%
- Hawke’s Bay – 16.4%
- Taranaki – 7.1%
- Manawatu/Wanganui – 18.8%
- Wellington – 7.6%
- Nelson/Marlborough – 5.5%
- Canterbury/Westland ¬–12%
- Otago – 11.5%
- Central Otago/Lakes – 15.4%
- Southland 7.5%
Least affordable region:
- Auckland – 40% more unaffordable than national average
Most affordable region:
- Southland – 54% more affordable than national average
Source: Home Affordability Report - http://bit.ly/home-affordability-report-dec2014
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