Housing crisis: Experts’ tip – don’t hope for too much

April 30, 2007

What’s the answer for Aucklanders trapped in the affordability squeeze?

Property experts say those facing a lifetime of renting must change their ideas if they want to get on the housing ladder.

DTZ’s Ian Mitchell, who worked on the two Centre for Housing reports issued on Monday, said Aucklanders simply had to change their expectations.

“In Sydney or Melbourne, if you wanted a three-bedroom house on a section close to where you work, you’d know you would have to compromise and buy a unit or apartment instead,” Mr Mitchell said. (more…)

Source

Average wage can’t buy Otara house

April 25, 2007

The average house in Otara, Auckland’s poorest suburb, is now just out of reach of someone on the national average wage.

Calculations for the Herald by Mortgage Brokers Association chairman Geoff Bawden show it would take $49,000 a year to service a $234,000, 30-year mortgage at current interest rates on the median-priced house sold in Otara last month – $259,000. (more…)

Source

Recent Posts