Wairarapa Property Investors' Association

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Housing affordability up


Housing became a bit more affordable in the year to June 2012, Statistics New Zealand data shows.

Incomes rose slightly while housing costs dropped.

Average annual household income from all regular sources increased slightly from the year ended June 2011 to the year ended June 2012 - up 2.3%, from $79,256 to $81,067.

Average weekly total housing costs, including rates and insurance, were unchanged, at $249.

A small increase in average weekly rent payments (from $261 to $273) was offset by a slight decrease in average weekly mortgage payments (from $375 to $357).

The drop in mortgage payments was due to a decrease in average weekly mortgage interest payments (from $254 to $234) over the survey period. Average weekly mortgage principal repayments were unchanged, at $147.

The proportion of housing costs to household income decreased slightly over the past year (from 16.4% to 16%).

Source: Landlords.co.nz