All this “seriously unaffordable” stuff is unadulterated rubbish in my opinion.
If it were true we would have armies of people living under bridges or rioting in the streets.
Instead we have a smoothly running market with thousands of houses being buillt, bought and sold every year, coupled with plenty of reasonably priced rentals and only a handful of mortgagee sales from time to time,.
The facts speak for themselves and show that Dempgraphia methodology is either seriously flawed with its calculations or it has another agenda all together.
I suspect the latter.
Survey shows Auckland is sliding further down world ranks of housing affordability.
Last year, Auckland was the world’s 313th most unaffordable place out of 337 cities but now it is the world’s 347th most unaffordable out of 360 cities. Photo / Chris Gorman
Housing is increasingly out of Aucklanders’ reach as incomes drop and house prices rocket, an annual global study shows.
The Demographia International Housing Affordability Survey out today showed prices up $54,900 annually and median household incomes falling by $4700.
Last year, the survey pegged Aucklanders as having a median household income of $75,200 and a median house price of $506,800, giving the city a total median multiple of 6.7 (house prices divided by incomes) when anything more than 3 is regarded as unaffordable.Link:
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11188916
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