Today the average house price in NZ is $350,000 compared to $6,639 in 1960.
Today the average wage in NZ is $41,000 per annum or approximately $791 per week or $19.79 per hour.
So what does this mean if you are looking at buying a house.
It means this… to buy the average house in NZ if you are on the average wage in NZ you would need to work 17,680 hours to pay for the average house.
This is almost three times more than what was required in 1960.
This is based on a 40 hour week, and not allowing for spending or taking into account interest. This equates to 8.5 years
In 1960 the average house price was $6,639 with the hourly wage rate of $1.05 and to pay it off would take about 3 years according to Bernard Hickey of interest.co.nz.
