Auckland City Harbour News - - YOUR PAPER, YOUR PLACE -

Older Ki­wis owe more for sec­ond properties than for their own homes. The aver­age loan owed by those aged 25 to 44 years for a house they lived in was $145,000, drop­ping to $107,000 for those aged be­tween 45 and 64, ac­cord­ing to new fig­ures from Statis­tics New Zealand for 2014/15. Ki­wis be­tween 45 and 64 were more likely to owe­money for other real es­tate than for their own homes. For the wider 25 to 64-year-old bracket, a third of peo­ple had a loan on a prop­erty they lived in. How­ever, real es­tate loans were ‘‘well off­set’’ against prop­erty val­ues, with 29 cents of debt for ev­ery dol­lar of real es­tate as­sets. Half of all Ki­wis had a debt, ow­ing on aver­age $79,000. Younger Ki­wis had the high­est debt lev­els, with those be­tween 15 and 24 ow­ing 47 cents for ev­ery dol­lar of as­sets.

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.