Torsten Slok, the Chief International Economist at Deutsche Bank, regularly publishes a ranking of global housing affordibility. He uses two measures for his comparison: Home Price/Income and Home Price/Rent. No surprise what country is leading the global pack.
These affordability numbers are national figures which makes the Auckland component of the NZ ranking quite staggering. At the 2013 census, Auckland had approximately 507,000 dwellings (33,000 of which were unoccupied) versus a total NZ housing stock of 1.75 million dwellings..... With less than a third of national housing supply, the Auckland only affordability numbers will clearly be way higher than the national figure shown on the Deutsche Bank table.