A new report which shows Auckland houses are pricier than those in - TopicsExpress



          

A new report which shows Auckland houses are pricier than those in Los Angeles is being criticised as a poor indication of housing affordability. The 11th annual Demographia International Housing Affordability Survey classified Auckland as the ninth least affordable major city in the world. Auckland is the 14th least affordable city out of all 378 cities surveyed, and has been rated as severely unaffordable in 11 surveys done - less affordable than Los Angeles and the Gold Coast. However University of Auckland professor of property Laurence Murphy said New Zealand currently had a choice problem rather than an affordability problem. When top income earners, on $500,000 a year, decide to buy a $2 million house it skewed the results, he said, adding that it was their choice to buy an expensive house. Across the country middle income families could afford to buy into the lower end of the housing market, Murphy said, adding that New Zealands poorest families probably could not.
Posted on: Wed, 21 Jan 2015 22:00:38 +0000

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