[Tia Maria]

Latest survey for USA, UK, Republic of Ireland, Australia & Canada (median multiple - top 50), LA being the most unaffordable place,

Full Survey here: http://www.demographia.com/dhi.pdf

1) LA (USA) 11.5

6) Mandurah (Australia) 9.5

9) Bournmouth & Dorset (UK) 8.9

11) Sydney (Australia) 8.6

13) Kelowna (Canada) 8.5

15) Vancouver (Canada) 8.4

18) London (GLA) (UK) 7.7

20) Tauranga (NZ) 7.5

28) New York (USA) 7.0

31) Auckland (NZ) 6.9

34) Christchurch (NZ) 6.6

46) Wellington (NZ) 6.1

Not sure about the the author's view as to why things are so bad in these areas but then again it says its 52 pages and I certainly didn't read all those!

Cheers

Tia

[Familyofmonkeys]

I love reading reports like this (geek that I am).

Thought I would add the following as it explains the numbers above:

Employs the “Median House Price to Median Household Income Multiple,” (“Median Multiple”) to rate housing affordability

Severely Unaffordable 5.1 & Over
Seriously Unaffordable 4.1 to 5.0
Moderately Unaffordable 3.1 to 4.0
Affordable 3.0 or Less

In recent decades, the Median Multiple has been remarkably similar among the nations surveyed, with median house prices being generally 3.0 or less times median household incomes (which is is why morgage comapnies used to lend up to 3 times salary). This historic affordability relationship continues in many housing markets of the United States and Canada. However, the Median Multiple has escalated sharply in Australia, Ireland, New Zealand and the United Kingdom and in some markets of Canada and the United States.

[Nick88]

Thanks for letting us know this was out, I'm a bit of a geek with this stuff, too.

I am surprised Queenstown isn't on there, that has the highest average house sales values in the country (about $750k, according to QV!!).

[Tia Maria]

I got a bit further with it:

New Zealand:

New Zealand (with Australia) has the least affordable housing among all of the surveyed nations. The national Median Multiple is 6.3, more than double the Median Multiple ceiling of 3.0. New Zealand is the only surveyed nation in which all of its markets are rated “severely unaffordable.” Tauranga is the least affordable, with a Median Multiple of 7.5. Auckland has a Median Multiple of 6.9.

Cheers

Tia

[jubjub]

http://www.nzherald.co.nz/section/8/story.cfm?c_id=8&objectid=10487926

This was the main story on the Herald website this morning too.

No wonder we are skint!~ :laugh :exit