House affordability slips further on interest rate hikes
Sunday 17 October 2004
Housing continued to become less affordable in the three months to September due to rising interest rates according to figures released today.
By The Landlord
The AMP Home Affordability Index recorded a drop of 1.6 per cent during the September quarter after the sharp 7.9 per cent decline during the previous quarter.On an annual basis the index has declined by 13.5 per cent in the 12 months to September, the steepest annual decline recorded in eight years.
AMP said while latest Real Estate Institute figures showed house sales and prices had cooled somewhat, affordability had continued to decline as the cost of servicing a mortgage rose over the period and average weekly earnings stayed put.
"We are seeing rising interest rates start to bite for the first time," AMP general manager of savings and investment Roger Perry said in a statement.
Read More - Opens in a new window
Commenting is closed
Property News
Return to market form
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
House Prices
No stopping Capital price rises
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Commercial
NZ proptech start-up scores major investor
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
