Average Auckland house price is now 8.2 times the annual household income!
The latest Demographia survey, released today, compares prices with incomes in 378 cities, including 86 with more than one million people. It ranks Auckland's housing market as slightly cheaper than London but pricier than Los Angeles, New York, Perth, Brisbane and Boston. And a million dollars now gets you a dump in Pt Chevalier, or a mansion in Beverly Hills...
Auckland is also now ranked the ninth most expensive big city, and the 14th most expensive of all the 378 surveyed.
Is the housing shortage a matter of high demand and under supply? If so, Auckland mayor, Len Brown points out that in November last year building consents were at a record high for the last seven years with 967 new building consents, 40% of which were apartments offering new housing choices. He said the average price of an apartment was around $300,000 to $450,00.
What are your thoughts on the reason Auckland house prices are soaring?