Kelvin Davidson: CoreLogic Chief Property Economist on house price average at 8.8 times household income

Housing affordability has deteriorated to all-time record lows. Figures from CoreLogic shows the average New Zealand property is now worth 8.8 times the average annual household income - up from 8.3 just three months ago.  But CoreLogic Chief Property Economist Kelvin Davidson told Mike Hosking he doesn't believe numbers have peaked. “There’s perhaps a little bit of momentum in house prices left but more importantly mortgage rates have got further to rise, particularly for those people already with a loan perhaps they’ve just newly entered the market, they think mortgage rates are going to go up and that’s going to push the cost up a bit further.” LISTEN ABOVESee omnystudio.com/listener for privacy information.