Feature article
Looking back at the 2000 property market vs today
How the Kiwi dream traded time for money.
AI summary
A look back at the NZ property market shows a dramatic shift in affordability since 2000. The key takeaway is that buying a median-priced home now requires roughly twice as many years of work.
In 2000, it took 4.7-7.0 years of pre-tax pay to buy a home, versus 8.8-11.0 years today. On a positive note, the gender pay gap has narrowed significantly over the same period, while house hunting has been transformed by powerful digital 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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