Af­ford­abil­ity home truths

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

A re­port by a land­lords’ lob­by­ing group has proved houses haven’t be­come more ‘‘un­af­ford­able’’ to the young.

Phew, that’s a re­lief, be­cause I was un­der the im­pres­sion that in our big cities they were se­verely un­af­ford­able.

I had been see­ing signs of se­vere un­af­ford­abil­ity ev­ery­where; falling home own­er­ship, in­creas­ing years to save a de­posit, par­ents guar­an­tee­ing mort­gages, young­sters need­ing gifted de­posits, and the sky­rock­et­ing ra­tio of house prices to house­hold in­comes.

But then the Prop­erty In­vestors’ Fed­er­a­tion (PIF) Hous­ing Af­ford­abil­ity Re­port as­sured me: ‘‘Com­men­ta­tors who state that it has never been less af­ford­able to get into your first home are wrong and may in­ad­ver­tently be do­ing a great dis­ser­vice to first home buy­ers.’’

I was sus­pi­cious about the re­port, which com­pared the ‘‘af­ford­abil­ity’’ of mort­gage

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