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Tuesday, April 17, 2007

In NZ: Kiwi boomers: "selfish gits"

Generation X and Y are going ape that the selfishness of baby boomers has frozen them out of the housing market. According to a domestic comparison of house prices with average wages, the average mortgage repayment used to chomp through 40% of the average wage. That was just five years ago.

The boom in property prices now suggests that correlation has escalated to 73%. In Auckland, it is over 90%. In other words, if you are on the average wage in this country - and you don't live in Kaitaia or Kaitangata - forget about ever owning your own home.

"Has the Bubble Burst for Men Behaving Badly?"
Stuff (New Zealand)

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