For November there is basically no change since last month in terms of home loan affordability, except for Auckland and Northland where affordability just got worse, especially for first home buyers because of increasing house prices in those areas (go figure.)
The report calculated it now takes 61.8 percent of the average income (of one person) to pay an averaged sized mortgage on an average house.
And in case you were willing to settle for a doer-upper in the no-so-central part of town, those houses which are considered to be in the lower price range also increased in price just enough to make them pretty unaffordable to the average Joanne Bloggs. Excellent.
In saying that, this time one year ago it would have cost 64.4 percent of the average persons income to service an average mortgage so I suppose we can’t complain about that.
Click here to see the rest of the report.
