Improved home affordability

Wednesday 03 May 2006

Turn in housing market delivers improved home affordability

New Zealand home affordability has seen a quarterly improvement for the first time in two years, according to figures released today in the AMP Home Affordability Report for the March 2006 quarter. A fall in house prices, along with a slight increase in wages, offset upward creeping interest rates to deliver a 1.3% quarterly improvement in New Zealand.s home affordability index. Graham Crews, Senior Lecturer in Real Estate at Massey University, says.

The principal driver behind the country.s improved home affordability for the quarter, which ended in February, was a drop in the median dwelling price to $295,000, which some might say is indicative of a plateauing market..

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