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Home affordability plummets in Nelson

Home affordability has fallen in the Nelson-Marlborough region for nearly two years - a trend that has not been seen anywhere else in New Zealand.

Wednesday, October 08th 2003

The AMP home affordability index shows the region has suffered a decline in home affordability since February 2002.

"That's pretty outstanding, depending on which way you look at it," AMP Financial Services spokesman Richard Gordon said.

"No other region has come close in terms of a sustained decline in home affordability."

During the last year home affordability in the region also plummeted quicker than other regions, at a rate of 45 percent. Its closest rival for that title was Southland, which recorded a 33 percent drop. Nelson-Marlborough also led the market with a 58.6 percent rise in median house prices which rose from $150,010 in August last year to $238,000 in August this year.

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