NZ housing not cheap, but affordability shows signs of improving

Housing affordability for buyers is at its best level since 2019, according to the CoreLogic NZ Housing Affordability Report. This is driven by falling property values, rising incomes, and lower mortgage rates. Value-to-income ratios and mortgage servicing costs have eased, making homeownership more attainable.

However, renters face record-high pressure, with rent absorbing 28% of income. Affordability has improved most in Auckland and Wellington, while long-term progress depends on increasing New Zealand's housing supply.