Gisborne is officially the most affordable place in New Zealand to own your own home.The survey, sponsored by Wizard Home Loans and conducted by interest.co.nz attributes the rise in affordability to the falling median house price and the increase in the median weekly take home pay. However, it may only be short lived, until house prices begin to rise again. Gisborne’s home affordability comes after a sustained period of growth (as high as 17% pa), in which it consistently lead the country. While the rest of New Zealand is still experiencing considerable strain in home affordability, there may be relief for home buyers towards the end of the year as interest rates are tipped to drop.
July 08 2008 03:25 am | regional