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back at average.
So it was a lot higher than that two or three years ago.
But just the way the market's been going the past couple of years, falls in mortgage rates, increases in incomes, that mortgage payment number has actually gone back to its average.
Now, it's not cheap as such.
I'm not saying it's easy to get into the housing market and it hasn't gone below average, but it's now back to some kind of normality, if that's the way you want to define normalcy.
those things will look a little bit different i'm assuming that your affordability measures are still looking looking pretty stretched when you talked about the house price to income ratio there is mortgage payments would still be absorbing a pretty good chunk of of household incomes i assume yeah so i mean the december quarter figure for that was sitting essentially at 46 and you know you factor in again two rate rises that's just going to push that measure further but
David Price- yeah and I mean that's if there's you know whether we tend to probably look at it the other way, you know, maybe New Zealand takes its lessons from Australia, but.
David Price- You know, in this in this situation, I mean it could be the New Zealand experience is really, really relevant we're.
David Price- You know when affordability starts off stretched when when mortgage rates are starting to go up, you know when they listing situation is turning around.
We've seen what's happened here, and that's been a pretty flat market in terms of house prices for a good couple of years now.
So yeah, maybe it's precedent, maybe it's not, but yeah, that's certainly been the experience here.
Just around construction as well, I mean, you talked about it's certainly in those sort of mid-tier cities that supply has been a really big issue.
It seems to me that one big difference, and I've been hearing this more and more, is that we've had a construction downturn here, no doubt, but it was coming off a very large peak, just beyond the capacity of the industry to even handle it.
So, you know, not denying there's been a downturn, it's been tough for some builders, but we've still had a pretty good flow of properties coming through to the point where
you know if you if you look at simply our physical stock of housing relative to our population that that physical stock has increased quite a bit in the past sort of three to four years so to the point where you know used to hear a lot here about shortages you know we're short of housing we don't have enough houses there's under supply
I just haven't heard that word even talked about for two or three years now.
So it does just hint at this.
And you can see it in the stats as well.
I'm not just taking anecdotes here or sort of the use of a word.
You can see it in the stats that that ratio has improved.