Feature article
Looking back at the 2000 property market vs today
How the Kiwi dream traded time for money.
AI summary
A look back at the NZ property market reveals that while the median house price has soared, the true cost is measured in time. A home now costs twice as much of your working life as it did in 2000.
Back then, buying a median home required 4.7 to 7.0 years of an average pre-tax salary. Today, that has ballooned to 8.8 to 11.0 years. A positive trend is the gender pay gap, which has narrowed significantly over the same period.
The pay packet reality check
The silver lining hiding in the numbers
| Feature | The year 2000 | Today | |||
|---|---|---|---|---|---|
| House search | House search | Agency window cards, print ads, word-of-mouth | Agency window cards, print ads, word-of-mouth | Instant alerts, saved searches, online filtering | Instant alerts, saved searches, online filtering |
| Market scope | Market scope | Local suburbs and physical weekend drives | Local suburbs and physical weekend drives | Nationwide comparisons right from your couch | Nationwide comparisons right from your couch |
| Average male wage | Average male wage | $697/week ($36,244/year) | $697/week ($36,244/year) | $1,724/week ($89,648/year) | $1,724/week ($89,648/year) |
| Average female wage | Average female wage | $466/week ($24,232/year) | $466/week ($24,232/year) | $1,380/week ($71,760/year) | $1,380/week ($71,760/year) |
| Home affordability | Home affordability | 4.7 to 7.0 years of pay | 4.7 to 7.0 years of pay | 8.8 to 11.0 years of pay | 8.8 to 11.0 years of pay |
Author
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