Nearly three-quarters of recent buyers said their homes needed some work, with 28 per cent needing substantial renovation.
Nearly three-quarters of recent buyers said their homes needed some work, with 28 per cent needing substantial renovation.

Property: Think Sydney's expensive? Try Auckland

SYDNEYSIDERS are being advised to take comfort from their high house prices - because Aucklanders are suffering more.

Simon Thomsen of publication Business Insider Australia today wrote a column advising Sydneysiders trying to buy a house to cheer up, because it could be worse: they could be in Auckland.

New Zealand was second only to Norway for high house prices compared to incomes, he said.

"If you think Australian property prices are insane, try New Zealand," his article was headlined.

"Cheer up Sydneysiders trying to buy a house, you could be in Auckland, New Zealand, which is undergoing its own property boom."

Bondi Junction
Bondi Junction

 

Thomsen then cited this week's Barfoot & Thompson high sales volumes.

"Unprecedented sales activity in March has seen Auckland's residential housing market establish new records for prices and sales numbers. The average house price is even more expensive than in Sydney, with the gap widening as a stronger Kiwi dollar heads towards parity," Thomsen wrote.

He then cited 2013 data from NZ Reserve Bank governor Graeme Wheeler showing New Zealand the second-most expensive place to buy a house when compared to income ratios.

"He produced the following 2013 chart from the IMF showing that NZ was only just behind Norway when it came to greatest deviation in house price to income ratios," Thomsen said.


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