New Zealand housing affordability plummets to historically low levels

Buying a home is becoming increasingly harder for many New Zealanders, as housing affordability plummets to historically low levels, Newshub reports. In a report released by CoreLogic, average property values surged 6.1 percent in the final three months of last year, while they went up more than 11 percent for the whole of 2020. CoreLogic senior property economist Kelvin Davidson expressed that, while wages had fared better than expected given the pandemic, average household incomes were not keeping pace with property values.