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Housing affordability worsens

Nationwide housing affordability has dropped 7.6% over the past year, Massey University’s real estate analysis unit says.

Monday, June 30th 2014, 12:00AM

by The Landlord

It has released its latest Home Affordability Report, covering March to May 2014. It compares the average weekly earnings with the median dwelling price and mortgage interest rates.

Author Professor Bob Hargreaves said the decrease was not a surprise.

“The average annual wage increase of $34.52 was not enough to offset a $38,000 increase in the median house price. This deterioration in affordability is likely to continue as recent interest rate increases are incorporated into the debt servicing costs for home mortgages.”

The decrease of 4.5% in the national affordability index comes after a 2.8% improvement in the previous quarter.

Auckland was the least affordable region, followed by Central Otago/Lakes and Canterbury. Southland remained the country’s most affordable place, followed by Manawatu/Wanganui and Taranaki.

Hargreaves says one of the most striking trends is the growing gap in affordability between urban centres and smaller provincial towns.

Over the past 12 months, Southland, Taranaki, Manawatu/Wanganui, Nelson and Otago.

A deterioration in annual affordability was evident in seven regions; Central Otago/Lakes [12.2%], Canterbury [10.6%], Auckland [9.1%], Waikato [4.8%], Northland [3.5%], Wellington [3.4%] and Hawkes Bay [0.7%]. On a quarterly basis the all districts national affordability index deteriorated by 4.5% compared with 2.8% improvement in the previous quarter.

« Healthy lifestyle property market: REINZPrice rises starting to ease: ANZ »

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 3.59 3.99
Median 5.35 4.15 4.09 4.19

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