Three out five home owners would not be able to afford their property if they had to buy it at the current valuation, Consumer NZ has revealed.
The figures were gathered through the organisation’s sentiment tracker, which tracks how New Zealanders feel about a range of issues.
For people who did not own property, the tracker found more than 40 per cent felt totally locked out of the market.
Consumer NZ spokeswoman Gemma Rasmussen said housing was respondents’ biggest concern, even above Covid-19.
“Our runaway housing market has solidified New Zealand as a country divided by property wealth. If you don’t have a foot on the property ladder, the dream of owning your own home is becoming increasingly unlikely. At present, the average house price is more than 12 times the average national income,” Rasmussen said.
“We asked New Zealanders what their biggest concerns are at present, and from both a national and financial perspective, the answer was housing … Regardless of whether you own a home or are renting, New Zealanders are deeply concerned about the state of housing.”
Successive governments have run election campaigns on solving the housing crisis.
