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    Default NZ houses least affordable in the world

    NZ houses world's least affordable
    5:00AM Monday January 21, 2008
    By Anne Gibson

    New Zealand has the least affordable houses in the world.

    It scores worst in an international survey of the world's six most expensive housing markets, passing Australia for the first time.

    Demographia, an international survey business run by Hugh Pavletich of Christchurch and Wendell Cox of the United States, today issued its fourth annual report, showing New Zealand has slipped drastically on an international scale.

    The United States, Australia, Britain, Ireland, Canada and New Zealand were studied, and the results reveal NZ house hunters face the biggest gap between earnings and house prices.

    Wages are so low and house prices are so high that it takes 18 years and six months of a household's entire annual income to pay for a home, Demographia found. That measure is based on median house prices compared to median wages.

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    You can find the complete report at their website:

    DEMOGRAPHIA: Demographics Development Impacts Market Research & Urban Policy
    EOI Submitted: July 20, 2006
    EOI Selected: August 2, 2006
    ITA Received: October 12, 2006
    ITA Submitted: February 2, 2007
    Migrant Levy Paid & Visas Shipped: June 6, 2007
    Arrived in NZ: July 26th, 2007
    Leaving NZ: June 1st, 2008

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