Links, statistics and further reading for our housing crisis comic, The Generation Game.
1979 – From 1962 to 1989 a government bursary scheme paid most fees and accommodation costs for students leading to a quick doubling of full-time enrollments at some universities.
2008 – From 1989, however, the system changed. According to one analysis this pushed up the cost of some degrees by five times, in real terms, since 1980. The average student loan in 2008 was $30,000.
2010 – 52% of first home buyers are now over 30. 35% per cent of households now rent compared to 25% 10 years earlier. A person on the median income in 2007 buying the median house now would be spending 60% of their disposable income to servicing an average mortgage.
1989 – Home ownership rates will soon be at 74% – its highest ever level. House prices are twice the average annual household incomes. “Affordable” housing is considered to be three times the average annual household income.
1999 – The average Auckland house price is about $300,000.
2014 – The average Auckland house price for a 3 bedroom home is $699,445. Treasury forecasts wages to increase 2.2% over six years. In 2014 it forecast house prices to increase by 4.3% in 2016 but in reality it will rise by 14.5%.
1992 – It will take an average of 30 years to pay off a mortgage.
2015 – For those buying today in Auckland it is more like 50 years.
- Half of 18-34 year olds in Auckland now expect to pay 700k for their first home, meaning they will need a deposit of $140k.
- The average age children move out of their parents’ home is 27.
- After mortgage repayments and transport, Auckland has the lowest income of all regions in the country.
- Forty per cent of 50-70-year-olds have little or no retirement savings.