Housing affordability worse than ever in Nelson

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Source: Labour Party – Press Release/Statement:

Headline: Housing affordability worse than ever in Nelson

Nelson’s house prices are growing faster than the national median with the only places more unaffordable to buy a house being Auckland, Wellington, Christchurch and Queenstown for an individual buyer says Nelson-based Labour List MP, Maryan Street.

“A recent report shows that housing affordability worsened in 11 cities in April, with Nelson still in the top five least affordable places to buy a house.

“It now takes 57.3 per cent of one median income to pay the mortgage on a median priced house in Nelson.

“That is up from 54.4 per cent five years ago. Basically, the median income for the typical Nelson buyer is not high enough to buy a median priced house, even if you have got a 20 per cent deposit.

“And it is hard to build up a 20 per cent deposit when rents are as high, as wages as low, as they are in Nelson.

“The Roost Home Loan Affordability Report of 20 May says the median house price in Nelson in April was $370,000. That price was $339,000 in April 2013 which puts annual growth at 9.1 per cent. Five years ago the median was $295,500. This is no good for young families in Nelson.

“The Government needs to commit to two things for families in Nelson: a concerted effort to bring down house prices and a campaign to move up to a living wage. That’s what Labour is committed to. Nothing less will make houses more affordable in Nelson,” said Maryan Street.

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