In a recent survey Auckland ranked 4th least affordable out of 92 major cities around the world.
Only Hong Kong , Sydney and Vancouver are more unaffordable according to the survey.
Auckland,s median house prices soared to $830800,00 or 10 times the median $83,000.00 income of its residents which the survey called ” severely unaffordable”.
When the ratio is three or less ,markets are considered affordable.
Auckland also ranked fourth equal least affordable city in 2016 as well.
New Zealand,s overall housing market with prices 5.9 times more expensive than incomes ranked only behind Hong Kong for it,s affordability with Australia,s market being marginally more affordable.
It is no wonder people are looking at other parts of New Zealand to live rather than Auckland due to the cost of housing. This could be a good thing as other parts of the country will also show signs of significant growth.
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