New Zealand is getting expenny!
Many of us may assume Auckland would take the top spot as the most unaffordable city and many of us would be wrong. It's Tauranga.
An international study by The Demographia International Housing Affordability Survey found that Auckland slipped from fourth to ninth on the shortlist of unaffordable housing markets of population than 1 million.
House hunters must spend 8.8 years of an average household salary to buy a median-priced house in Auckland. That puts it behind Hong Kong, Sydney, Vancouver, San Jose, Melbourne, Los Angeles, Honolulu and San Francisco, and just ahead of London among 92 major world markets.
But on an expanded list of 293 smaller markets, Tauranga was ahead of Auckland by one spot, with a ratio of nine years' salary for a median-priced house.
The survey rated any income/median ratio more than 5.1 as "severely unaffordable". Of the 76 markets assessed in that category, New Zealand has seven - Auckland, Tauranga-Western Bay of Plenty, Hamilton-Waikato (6.5), Napier-Hastings (6.1), Wellington (5.5), Dunedin (5.4) and Christchurch (5.4).
Palmerston North-Manawatu (4.5) was the only market outside that rating, still qualifying as "seriously unaffordable".