KEY POINTS:
New Zealanders who thought owning their own home was an unattainable dream now have the proof.
A new survey shows mortgage repayments on a house could cost up to three quarters of the average take-home pay.
The results released by interest rate website interest.co.nz yesterday showed that 73.5 per cent of the average weekly wage was required to make the mortgage repayments on an median-priced house.
By comparison, five years ago in January 2002 it only took 40.3 per cent of the average pay packet to make mortgage payments on a median house.
In Auckland, the most expensive city, it takes 92 per cent of the average pay packet of $682 to meet mortgage repayments. In Wellington that figure is 73.9 per cent and 61.9 per cent in Canterbury.
However, spare a thought for the hospitality and tourism workers living in the Queenstown area. Those on the average wage of $617 would need another $25 to afford the mortgage on the average house.
Least affordable regions (February 2007):
Central Otago Lakes (104.4 per cent of take-home pay)
Auckland (92.0 per cent)
Northland (78.3 per cent)
The most affordable regions:
Southland (37.7 per cent)
Manuwatu/Wanganui (52.2 per cent)
Otago (54.5 per cent)
- NZHERALD STAFF
