Auckland First Home Unaffarodability Increases
"Estimated mortgage repayments would now set the typical Auckland entry-level buyer back $821.83 a week, eating up 54 per cent of a couple's after-tax pay, according to the report. This is up from 45.8 per cent in May last year and 38.1 per cent in May 2013" http://www.nzherald.co.nz/business/n...ectid=11472652
With investors, foreigners and immigrants chasing the ""World Class" City's property looks like first home buyers will have to wait until they get an inheritance. If you are from a big and/or poor family, tough luck, because it does not look like the Government or "Super" City are going to co-operate and help take the heat out of the market.
With the freeing up of Chinese capital, a cheaper NZ dollar and lower interest rates, it looks like more heat will enter the Auckland market...