...The index, compiled by Massey University's real estate analysis unit, looks at how prices, interest rates and wages affect people's ability to buy a home. A stable median dwelling price of $195,000 in the first quarter led to a 0.7% rise in affordability in the same period...
Sunday, April 20th 2003, 5:31PM
by The Landlord
But don't let figures fool you. Although Auckland homes are now slightly more affordable, it remains the least affordable region in the country.
The other is sun-drenched Nelson, where a "sunshine" subsidy sees people willing to take a lower salary in return for the less tangible but still real benefits of living there.
In the past year, Nelson has moved from seventh to second-least affordable place to live, bumping out Wellington into third place. Affordability in Nelson fell 14% in the latest quarter, and 50.6% during 2002. Nelson's median house price rose from $147,000 to $200,000 in the past year.
