Feature article
Looking back at the 2000 property market vs today
How the Kiwi dream traded time for money.
AI summary
A look at the NZ property market shows a dramatic drop in affordability since 2000. While the median house price jumped from $170,000 to over $786,000, the real story is the time required to pay for it.
It now takes nearly twice as many years of work to buy a median home, with the years of pre-tax pay required doubling for the average earner.
A positive trend is the narrowing gender pay gap, and today’s buyers benefit from powerful digital search tools.
The pay packet reality check
The silver lining hiding in the numbers
| Feature | The year 2000 | Today | |||
|---|---|---|---|---|---|
| House search | House search | Agency window cards, print ads, word-of-mouth | Agency window cards, print ads, word-of-mouth | Instant alerts, saved searches, online filtering | Instant alerts, saved searches, online filtering |
| Market scope | Market scope | Local suburbs and physical weekend drives | Local suburbs and physical weekend drives | Nationwide comparisons right from your couch | Nationwide comparisons right from your couch |
| Average male wage | Average male wage | $697/week ($36,244/year) | $697/week ($36,244/year) | $1,724/week ($89,648/year) | $1,724/week ($89,648/year) |
| Average female wage | Average female wage | $466/week ($24,232/year) | $466/week ($24,232/year) | $1,380/week ($71,760/year) | $1,380/week ($71,760/year) |
| Home affordability | Home affordability | 4.7 to 7.0 years of pay | 4.7 to 7.0 years of pay | 8.8 to 11.0 years of pay | 8.8 to 11.0 years of pay |
Author
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