Massey University's latest Home Affordability report shows the region's affordability rating fell 58 per cent over the past year, a third again of the next largest decline
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Only five, or 4 per cent, of the city’s 136 sales in December were for under $400,000. Eighty-two per cent were for more than $500,000. And listings are down from 150-160 in November to between 95 and 105. The battle for property was obvious at open homes on Sunday.
Stuff visited one on Church St for an early 20th century four-bedroom house seeking offers of more than $590,000. It last sold in 2006 for $140,000 and had a rateable value from 2018 of $325,000. Two dozen cars lined the street outside and the steady stream of people viewing the property didn t let up. “There’s not enough on the market at the moment,” one woman said, while another couple said they’d been looking for six months and had viewed at least 50 properties.