It now takes 33.8% of one median take home income to pay the mortgage on a median priced house in July in Manawatu/Wanganui, according to Roost Mortgage Brokers research. This is down from 64.6% in June 2007. It assumes a 20% deposit. The average for NZ is 50.2%, and Auckland and Central Otago Lakes are at over 64%.
Our Regions’ homes have got a lot more affordable over the last 4 years, with low interest rates, house prices having dropped and the median take home income rising nearly 8% in the last year, and 25% in the last 5 years. Nationally, we haven’t had it this good since September 2003.
Southland is the most affordable region at 28.5%, followed by Manawatu/Wanganui 33.8%, Otago, Taranaki, Northland, Hawkes Bay, Waikato/BOP, Canterbury/Westland, Wellington, Nelson/Marlborough, Auckland and Central Otago Lakes.
My experience tells me that Feilding is roughly in the middle of the value range for Manawatu/Wanganui, so the figures are likely to be reflective of Feilding. Wanganui is lower at 25.8% and Palmerston North is higher at 41.5%.
We definitely know that Feilding property represents excellent value for money when compared with most of NZ.