Owning a home in Auckland is now slightly more affordable, according to a housing report
The national lower quartile selling price dropped from $375,000 in December to $353,000 in January, a decline of 5.9%, figures from the Real Estate Institute of New Zealand (REINZ) show.
Around the country, the lower quartile selling prices declined in seven regions in January compared to December (Auckland, Waikato, Bay of Plenty, Hawke's Bay, Taranaki, Wellington and Nelson/Marlborough) and increased in five (Northland, Manawatu/Whanganui, Canterbury, Otago and Southland).
The regions where the lower quartile price rose the most were Northland +$11,000, Manawatu/Whanganui +$10,000 and Otago +$10,000, while areas with the biggest declines were Bay of Plenty -$35,000, Wellington -$30,000 and Waikato -$24,500.
Within the Auckland region the lower quartile selling price in January was down compared to December in all districts except Rodney in the north and Papakura in the south.
The biggest decline was in South Auckland where the lower quartile price dropped by $63,000 in January, followed by Central Auckland -$43,000, North Shore -$25,000, Franklin -$25,000 and West Auckland -$15,214. In Rodney the lower quartile price was up $40,000 and in Papakura it rose $29,000.
Interest.co.nz’s The Home Loan Affordability Reports estimate what the mortgage payments would be on homes purchased at the lower quartile selling price, and how much that would take out of the take home pay of a couple earning the median wage for people for aged 25 to 29 in that region.
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