Fewer people are buying their own homes than 20 years ago even though it has never been easier to raise finance, a new report says.
Sunday, June 6th 2004, 8:04AM
by The Landlord
In changes likely to have long-term effects on New Zealand housing patterns, homes have become less affordable and owners have to spend bigger proportions of their income on housing costs, the report says.
That has led to the number of people renting homes increasing dramatically since the early 1980s, and house buyers are generally older.
There have also been significant changes in the makeup of households, which will influence demand for housing in the future.
The report analysing changes in the housing sector in the past 20 years was carried out by DTZ New Zealand for the Centre for Housing Research.
It says property values have increased significantly, especially in the main centres and coastal areas.
