A financial commentator concludes that Queenstown house prices are more affordable than Auckland’s for the first time in eight and a half years.
Aucklander Bernard Hickey, who compiles the Roost Home Loan Affordability report, has announced this change-around based on sales figures last month.
Hickey says the median house price for the Central Otago Lakes region fell from $415,000 in June to $390,000 last month.
Conversely, the median Auckland house price rose from $445,000 to $450,000.
“Auckland is now the least affordable area in New Zealand, taking that mantle from Queenstown for the first time since January 2002,” Hickey states.
However it still takes 48 per cent of the median take-home pay to service a mortgage for a median home in Central Otago Lakes.
“Median-priced housing is still not affordable for families in Central Otago Lakes, even when both adults work,” Hickey says.