Aucklanders pay high price to live the high life

Wednesday 24 November 2004

Aucklanders are paying a high price for the high life, according to a study that shows they owe 40 per cent of the nation's personal debt.

By The Landlord

Aucklanders, who make up 30 per cent of New Zealanders carrying debt, have taken on $29 billion, compared with $43 billion for the rest of the country, the joint Metro magazine-Statistics New Zealand study showed.

Higher house prices were partly to blame, but Aucklanders were also paying for trying to keep up with the Joneses.

A Nielsen Media Research survey in August of households with incomes over $80,000 found Aucklanders regarded success and being seen as successful as more important than other New Zealanders.


Read More - Opens in a new window
Commenting is closed

Property News

Share your views on property investing

It's that time of the year where we run the NZ Property Investor's survey of investor. Take part and be in to win.

Commercial

Commercial disrupter proves popular

New commercial property disrupter, Jasper, has hit the ground running with their first investment offering achieving full subscription in just 36 hours.

Mortgages

LVRs kept on hold

The Reserve Bank has kept its LVR speed limits on hold amid fears low interest rates "could lead to a resurgence in higher-risk lending".

Site by PHP Developer