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Canterbury property still "extremely affordable" despite a new report


A real estate firm says Canterbury housing is still affordable, despite a change in home ownership habits.

BNZ's Financial Futures report on Friday indicated that many Kiwis now believe the best path to homeownership is through property investment.

But Bayleys Canterbury Residential Manager Rich Norris says the housing market here remains stable.

"I think Canterbury is still extremely affordable. If you look at the numbers closely in Canterbury, housing cost relative to income, it won't have changed an awful lot."

The report showed that 30% of home buyers were considering buying a house with family and 14% with their friends.

Rich Norris says kiwis should be wary before jumping into any arrangement with others.

"People do move around more, change jobs more often. I'm talking a leap over the last 30 or 40 years, people are a lot more fluid. Friends, you need to be extremely wary.  Just like going into business with friends is fraught with difficulty, so is property ownership. Family, same rules apply, but probably less so because you're stuck with your family for life."

Norris says he expects a bright future for Canterbury real estate as Christchurch continues to rebuild.