With the 2017 Demographia International Housing Affordability Survey showing New Zealand with the second most expensive housing market out of the nine nations surveyed:
We shouldn’t be surprised to see that the total value of New Zealand’s housing stock has also surged through $NZ 1 trillion for the first time, growing by 4.4% over the September quarter of 2016 and by 16.2% over the year:
The value of New Zealand’s housing stock has also hit a new record high relative to the size of the nation’s economy, surging to an unprecedented 391% of GDP as at September 2016, up from 351% the year prior:
A poll in December from Roy Morgan Research suggested that new Prime Minister Bill English needs to find a solution to New Zealand’s growing “housing crisis”, with 27% of respondents citing housing affordability (17%) and homelessness/housing shortages (10%) as the key problem facing the nation – well ahead of the other issues.
The concerns are loudest in New Zealand’s biggest and most expensive city – Auckland – where housing ranked as the key concern among 37% of residents, namely housing affordability (25%) and homelessness/housing shortages (12%).
The above data clearly justifies New Zealand voters’ concerns.