Housing affordability on the improve - report

It became easier for New Zealanders to afford a home in the three months to February, according to Massey University.

The Massey University Home Affordability report measures house prices, weekly wages and mortgages, and over the three months the national affordability index improved by 8.3 per cent.

The home affordability index for the last three months stood at 29.62, compared to the November figure of 32.31.

The lower the index the easier it is to afford a house.

House prices were down by 2.2 per cent. The average weekly wage increased by 1.1 per cent and the weighted average mortgage rate decreased by 5.2 per cent to 8.34 per cent.

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Posted: 27 Mar 2009

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