The Real Estate Institute of New Zealand’s lower quartile selling price in Auckland jumped from $850,000 in September to $935,000 in October. Within the Auckland region lower quartile prices now range from $855,000 in Waitakere to $1,157,000 on the North Shore. The lower quartile price is the price point at which 25% of sales are below and 75% are above, representing the bottom quarter of the market that is most affordable. A traditional measure of affordability is that mortgage payments should take up no more than 40% of after-tax pay. The REINZ’s national lower quartile price increased by $47,500 in October to $650,000.

Source: New Zealand Herald November 23, 2021 22:34 UTC