Buying a home even harder now

Thursday 5 August 2004

Marlborough remains one of New Zealand's least affordable places to buy a house, despite signs the frantic pace of real estate deals has started to ease.

By The Landlord

The Nelson-Marlborough region recorded the second largest drop in home affordability across the country, according to the AMP Home Affordability report for the June quarter.

The survey takes into account house prices, wages, and interest rates to calculate the relative affordability of houses throughout New Zealand.

Nelson-Marlborough's 9.9 per cent drop in affordability was behind Auckland's 11.2 per cent decline, but worse than the country's 7.9 per cent fall.

While the pace of house sales had started to slacken, AMP said prices in the top of the south had risen from $248,000 in February to $275,000 in May.

Together with rising interest rates and continued low wages for the top of the south, the robustness in house prices was the main driver for the region's relative low affordability.

Read More - Opens in a new window
Commenting is closed

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.


Industrial holdings leave Provincia in strong position

Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.


OCR reaction: Reserve Bank open to lower, negative rates

Economists say that the Reserve Bank has left the door open to lower or even negative rates, as it kept the official cash rate on hold in its Monetary Policy Statement (MPS) today.

Site by PHP Developer