Feature article

NZ housing not cheap, but affordability shows signs of improving

Housing affordability has improved to its best level since 2019

Kelvin Davidson
Last updated: 13 March 2025 | 5 min read
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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.

Signs of improvement, but affordability pressures remain

Renters face mounting pressures

Regional affordability shifts

What’s next for affordability

Author

Kelvin Davidson Kelvin Davidson
Chief Property Economist, Cotality