27 Nov 2013

Home loan affordability worsening

7:05 am on 27 November 2013

Home loan affordability worsened again across most of New Zealand in October as house prices continued to rise despite lending restrictions imposed by the Reserve Bank since 1 October.

The Roost Home Loan Affordability report shows affordability worsened in 12 out of 24 regions as small income increases in some areas only partially offset the effects of higher house prices.

Median house prices rose in 19 out of 24 regions and reached record highs in Auckland, Hamilton and Canterbury.