(ed:..as the related-stories at the bottom of this story show – i have been reporting on/writing about this since at least 2008 – which in itself couldn’t be a clearer indictment of successive labour and national governments..and their inaction on addressing this basic need of all new zealanders – shelter..)
Auckland has gone from the world’s fifth least affordable city to its fourth – now tailing only Hong Kong – Sydney and Vancouver as the least accessible housing market.
The 13th annual Demographia International Housing Affordability Survey out today examined prices to incomes in 406 metropolitan housing markets and put Auckland near the top due to extremely expensive prices but moderate wages.
Auckland far outstripped London – which is 12th most expensive – and New York – which is 21st most expensive.
Auckland’s median house price is $830,000 yet residents’ median household income is $83,000 giving a multiple of 10 – up on last year’s 9.7 when house prices were only $748,700 and incomes were $77,500 – Demographia says.
Wages have not risen much yet our house prices have spiralled, up 24 per cent in 2015 alone – according to the QV House Price Index.