Auckland has the worst unaffordable housing market globally
Last year, Auckland was sixth on the least affordable scale of a major (population of one million plus) housing market. It has now leapt up to fourth.
The report provides housing affordability ratings using the median multiple, a measurement of income in relation to housing prices, in 92 metropolitan markets in eight nations - New Zealand, Singapore, Australia, the United States, the UK, Ireland, Canada and Hong Kong.
Anything above three is considered moderately unaffordable, above four seriously unaffordable and above five, severely unaffordable.
On the severely unaffordable scale, Auckland with a median multiple of 10 (up 1.4 from last year), comes in behind only Hong Kong on 20.7, Vancouver on 13 and Sydney 11.8.
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