NZ housing not cheap, but affordability shows signs of improving

According to the CoreLogic NZ Housing Affordability Report, housing affordability for buyers has improved to its best level since 2019. This is driven by falling property values, rising incomes, and lower mortgage rates, making homeownership more attainable.

In contrast, renters face record-high costs, limiting their ability to save. Auckland and Wellington have seen significant affordability gains for buyers, while Tauranga remains the least affordable main centre. Long-term improvement will require increasing the housing supply.