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New Zealand 'wins gold medal' for housing unaffordability as house prices outpace income growth and rents
New Zealand house prices are the most expensive compared to people's incomes of any country in the developed world, according to a report by the International Monetary Fund (IMF). The IMF's Global Housing Watch Report has ranked the House Price-to-Income Ratios of 31 countries in the Organisation for Economic Co-Operation and Development (OECD) and New Zealand sits at the top of the list, just ahead of Austria, Sweden, Germany and the UK, and well ahead of Australia which was ranked tenth on the list (see graphic below).The trend appears to have been driven by strong growth in prices while income growth has remained ... (full story)
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