Hawke's Bay Property Investors' Association

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Aucklanders spend most on housing


Aucklanders spend significantly more of their incomes on housing than people in any other part of the country, Crockers research shows.

It comes after a report that showed New Zealand’s housing costs were the second-highest in the OECD, behind Greece.

In the country’s biggest city, 17.8% of total household income goes to housing costs.

That is down from the percentage spent on housing in 2011 but significantly above the New Zealand average of 16%.

In Canterbury, only 12.7% of household income goes on housing. People in Wellington and the rest of the North Island spend about 16%.

Crockers said that was because of  supply and demand issues caused by the rate of population growth. Auckland’s population has grown much faster than any other part of New Zealand, since 2000.

Its research shows that the average price of an Auckland three-bedroom rental property is $512.

The city's property investors surveyed were positive about the returns they were likely to get from their properties over the coming year but their likelihood of further investment has dropped.

Almost three-quarters expected to make no changes to their rental property portfolios over the next year. Almost two-thirds of those who were planning an investment intended to buy residential properties outside the CBD.

Source: Landlords.co.nz