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Auckland house prices overtake Australia's big cities'
5:00AM Sunday June 24, 2007
By Julie Jacobson
Median house prices in Auckland are now outstripping those in all of Australia's major cities, except Sydney and Perth.
Auckland's median of NZ$450,000 ranks ahead of Canberra on A$395,000 (NZ$436,000), Melbourne on A$380,000, and Brisbane on A$345,000.
And a new international housing affordability survey describes Auckland, Wellington and Christchurch as "severely unaffordable". Of 157 international locations, Auckland ranks 21st least affordable city in which to buy a home, with its median price almost seven times the median household income.
Melbourne ranks a few places behind on 23rd, with its median price 6.6 times the median income. Sydney, meanwhile, sits in 7th place with an affordability rating of 8.5. Its median house price is A$516,000. Christchurch is 31st on the list (with an affordability rating of 6) and Wellington is 47th (rating of 5.4). Los Angeles tops the list - with an affordability rating of 11.4.
Nationally, Australia and New Zealand have a housing affordability ratio of 6.6, compared with 5.5 in Britain and 3.7 in the United States. The internationally accepted standard for affordability is that the median house price does not exceed three times the median household income.
5:00AM Sunday June 24, 2007
By Julie Jacobson
Median house prices in Auckland are now outstripping those in all of Australia's major cities, except Sydney and Perth.
Auckland's median of NZ$450,000 ranks ahead of Canberra on A$395,000 (NZ$436,000), Melbourne on A$380,000, and Brisbane on A$345,000.
And a new international housing affordability survey describes Auckland, Wellington and Christchurch as "severely unaffordable". Of 157 international locations, Auckland ranks 21st least affordable city in which to buy a home, with its median price almost seven times the median household income.
Melbourne ranks a few places behind on 23rd, with its median price 6.6 times the median income. Sydney, meanwhile, sits in 7th place with an affordability rating of 8.5. Its median house price is A$516,000. Christchurch is 31st on the list (with an affordability rating of 6) and Wellington is 47th (rating of 5.4). Los Angeles tops the list - with an affordability rating of 11.4.
Nationally, Australia and New Zealand have a housing affordability ratio of 6.6, compared with 5.5 in Britain and 3.7 in the United States. The internationally accepted standard for affordability is that the median house price does not exceed three times the median household income.
