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Photo: RNZ Home affordability is improving almost everywhere in the country, but debt-to-value restrictions means average house prices in the biggest cities will continue to be a stretch for those earning an average income. Massey University's Home Affordability Report indicates there had been a 4.4 percent improvement in the national rate of affordability in the three-month period ended in August, following a trend which began in the last three months of 2023. The report shows the median house price was down in 11 regions, with the greatest decrease being in the West Coast region, where values fell nearly 12 percent or by $48,000. "These latest results have fed into the 0.3 percent decrease in median house prices we've seen overall this year," report author Dr Arshad Javed, from the Mas...

The number of people feeling stressed due to job insecurity is on the rise, the survey showed. Photo: RNZ Employers are checking in with staff about their mental health as a growing number report feeling more concerned about job security. The nib Insurance and the Employers and Manufacturers Association's workplace wellbeing survey showed 44 percent of respondents were worried about their job security, up from 33 percent in 2022. It found two thirds were anxious about money and more than a third had been affected by business restructuring given the tough economic times. EMA head of advocacy Alan McDonald said since the pandemic employers had become more aware of the mental and physical stresses in the workplace. "You see a growing number of employers looking at things like flexible work...

Interest rates may be falling - and relatively quickly - but that does not mean the end of New Zealand's mortgage stress, Corelogic is warning. Most borrowers are opting for short-term fixes, which will mean the effect of falling interest rates would be felt relatively quickly, property economist Kelvin Davidson says. Photo: RNZ / Nate McKinnon Property economist Kelvin Davidson said the percentage of "non-performing" loans, which are at least 90 days overdue or considered impaired, had lifted to 0.6 percent of all mortgages. That was the highest level in a decade. Davidson said while it was only about half the rate of 2009 and 2010, it was a concern and could continue to rise because unemployment was increasing. "Based on Reserve Bank figures, the trading banks themselves recently s...