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Classic signs of a slowing house market were evident last year, the Massey University Home Affordability report says, and indicators are prices will continue to cool.
The median house price of $350,000 in May had risen only 0.57 per cent to $352,000 by November. However, housing affordability continued to decline - national figures showed a 9.6 per cent deterioration in affordability for the year, compared with 2006.
Central Otago/Lakes was the least affordable place to buy a home, followed by Auckland and Nelson/Marlborough.
The most affordable regions were Southland - despite declining by 22.2 per cent in affordability over the quarter - followed by Otago and Manawatu/Wanganui.
