Monday 4th April 2011 |
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Homes became more affordable in the three months to February 28 as house prices and mortgage rates fell.
Affordability improved by 5.2% in the three months to February 28 as the median house price fell by $10,000 to $350,000, according to Massey University's latest Home Affordability Report. Affordability has improved by 6% over the last year.
Average monthly mortgage interest rates decreased from 6.63% to 6.59%, while the average weekly wage increased from $972.69 to $991.05, said Professor Bob Hargreaves, director of the University's Real Estate Analysis Unit.
Central Otago Lakes, with an index of 133.1% of the national average, was the least affordable region. Next was Auckland at 126% and Wellington at 105.1%.
Southland retains its place as the most affordable region with an index of 65.6% of the national average, Otago is in second place at 70.6% followed by Manawatu/Wanganui in third at 74.8%.
In the past three months, the Canterbury Westland region improved affordability by 9.1%, Waikato Bay of Plenty improved by 4.9%, Auckland by 4.8%, Nelson/Marlborough 0.7%, Otago and Wellington both 0.6% and Manawatu/Wanganui 0.5%.
The survey's authors said Canterbury Westland data should be treated with caution as the number of house sales was low after the Canterbury earthquake.
NZPA
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