Affordable housing regions revealed by data
For many Kiwis, buying a home may feel out of reach, but opportunities still exist in more affordable regions.
The median house price in New Zealand sits at $753,000, with Auckland reaching $950,000.
However, affordable options remain, particularly in areas like Buller District, where the median price is just $265,000. Other affordable regions include Kawerau District at $300,000 and Ruapehu District at $330,000, Opes Partners reported.
For brokers, understanding these markets can help guide clients toward attainable housing options.
Best chance of buying under $500k
Ed McKnight (pictured above), resident economist at Opes Partners, highlighted another way to find affordable properties by looking at the likelihood of buying a home for under $500k.
“In Kawerau District, 91% of houses sold for less than $500k, making it a prime location for affordable housing,” McKnight said.
Other districts offering a strong chance of finding a sub-$500k home include Ruapehu (88%) and Buller (81%).
The other end of the spectrum
At the opposite end, regions like Queenstown-Lakes and Auckland offer little to no options under $500k.
“Of the 725 houses sold in Queenstown-Lakes over the past year, none were priced below $500k, and Auckland Region saw less than 1% of homes in this range,” McKnight said.
Affordable housing comes with trade-offs
McKnight warned brokers that while cheaper homes are available, they often come with caveats.
“The cheapest houses in New Zealand won’t be the most luxurious and may not be liveable depending on their condition,” McKnight said.
Despite these factors, there are still areas where affordable properties can be found, offering a glimmer of hope for budget-conscious buyers.
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