The average house in Otara, Auckland’s poorest suburb, is now just out of reach of someone on the national average wage.
Calculations for the Herald by Mortgage Brokers Association chairman Geoff Bawden show it would take $49,000 a year to service a $234,000, 30-year mortgage at current interest rates on the median-priced house sold in Otara last month – $259,000. (more…)