Auckland becomes world’s ninth most expensive city

Posted on 26 January 2016. Tags: Auckland, Becomes, city, Expensive, Most, ninth, world's

Auckland’s housing affordability has worsened, with the city climbing from the world’s ninth most expensive city to fifth in a year.

The annual Demographia survey, released today, compares prices to incomes in 367 cities. Auckland is one of the worst in the world due to extremely high house prices coupled with moderate wages.

With a median price of $ 748,700, and a $ 77,500 median income, Auckland has a house price-wage multiple of of 9.7. Any more than 3 is classified as unaffordable by the report’s authors.

Contributed By Sonia Narula

News of Delhi