The average house price has crossed $700k for first time, and younger Kiwis are giving up on home ownership. LAWRENCE SMITH/STUFF Shamubeel Eaqub said provincial New Zealand was squeezed by rising house prices. "However, the solid economy – especially low unemployment – and favourable mortgage rates are playing a key housing market role too. Over 20 years, incomes were up 113 per cent but house prices 248 per cent, he said. "With house prices heading higher and higher, most households thinking of buying a home are continually faced with the reality that even as they scrimp and save to pull together a deposit, and are paying higher and higher rents, house prices have pushed even higher.

Source: Stuff December 03, 2019 16:01 UTC