Auckland has the lowest rate of outright home ownership in the country, Roy Morgan statistics reveal.
Just 32.3% of Auckland residents have paid off their homes, compared to 37.7% in the rest of New Zealand, the research firm found.
Another 35.4% of Aucklanders are paying off mortgages compared to 36.6% of the rest of New Zealand.
In Wellington, 35.2% of residents are paying off a home and the same number again are paying one off.
Auckland has the most renters – 32.3%, compared to 29.6% in Wellington and under 25% in the rest of New Zealand.
Auckland houses are also far more likely to have more people living in them. Almost a quarter have five or more inhabitants, compared to 29.6% in Wellington and 24.7% in the rest of the country.
High household density is most widespread in South Auckland, where families tend to be larger and the average socio-economic status lower. There, 12% of households have three or more children, considerably more than the national average of 7.3%.
Michele Levine, CEO, Roy Morgan Research, said: “Although the Government is trying to address this situation with strategies such as the Auckland Housing Accord and the New Auckland Unitary Plan, it will be some time before the balance is restored. Many thousands of new homes are needed to meet the demand, and in the meantime, property prices show no sign of declining.”
Levine said with more people than homes available, it was inevitable that prices would keep rising.
“Auckland’s sizeable Maori and Pacific Islanders populations must also be considered: with many of them falling into the lower socio-economic quintiles, they are at a distinct disadvantage in what is already an uneven playing field.”
Source: Landlords.co.nzcomments powered by Disqus