CoreLogic report reveals housing affordability to be worst in 18 years

Author
Newstalk ZB,
Publish Date
Thu, 9 Sep 2021, 7:39AM
(Photo/ NZ Herald)
(Photo/ NZ Herald)

CoreLogic report reveals housing affordability to be worst in 18 years

Author
Newstalk ZB,
Publish Date
Thu, 9 Sep 2021, 7:39AM

House prices continue to soar well past the average income.  

A CoreLogic Report for quarter two reveals housing affordability is the worst it's been in the report's 18-year history. 

Average property values are currently 7.9 times the average annual household income.  

That's up from 6.6 times reported 12 months ago.  

CoreLogic Chief Property Economist Kelvin Davidson told Mike Hosking it's going to take years to fix the issue. 

"A lot of this will have to happen through incomes rising, which is not a quick process. We could be in this position for five years, maybe ten." 

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