Auckland’s affordability slides
‘‘An Auckland median-priced house is now $830,8100.’’
Auckland is the fourth least affordable housing market among 92 major cities in nine countries in the latest Demographia survey.
According to the survey, published on Monday, 10 times the median household income in Auckland is needed to buy a median-priced house, which cost $830,8100.
Among major markets, Auckland trails only Hong Kong, Sydney and Vancouver.
Prime Minister Bill English told RNZ that an answer to the increasing cost of housing was already happening in the form of changes to the Resource Management Act to make processes faster.
Auckland Council was ‘‘already starting to do what it’s really starting to do quite well’’, which was ‘‘executing the processes fast, the building consents, the subdivisions con- sents’’.
ANZ senior economist Phil Borkin said the reason house prices are how they are was due to a huge range of factors, including strong demand from migration and housing supply being slow to pick up.
Therefore it was going to take more than a law change or any single thing to change the prices, he said.
The results of the Demographia survey were consistent with ANZ’s research, which showed about nine times the average income was needed to buy a house in Auckland.