FACT CHECK - sadly, another fail for you BS.
The minimum wage (20+ yrs of age) was $2.03 per hour (circa $4k pa for a full timer).
The "most basic jobs" (on the adult minimum wage) didn't start earning $16-$17K pa until 2001.
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This may help...
A maximum DTI of 6x = the borrowers' total debt being no higher than 6 x Gross Income. DTI will be used to determine serviceability of the lending.
Whereas, measuring house prices ("Value") compared to household income, at say 10x, is just saying that the TOTAL value of the house (equity + debt) is 10x household income.
Your glee jumps right off the pages!
Wasn't talking about minimum wage, but happy to be corrected, average wage in 1979 was $8,164 but had soared to just under $15,000 by the early 80's.
Was just remembering my own experience, though coming out of uni, my first full time job didn't require a Degree with a starting salary of just over $15,000. Didn't seem that special or unusual.
Back in those days, there wasn't the huge differences in pay that we see today.
Anyway the point was, it was a hell of a lot easier to buy a house in those days than it is today.
Ok just out of interest here's a comparison of the, Top of Scale rate - which is what most were paid and was the basic rate for the job, salary for a secondary school teacher (admittedly higher than the ave wage but offers a good comparison ) versus house prices.
Teacher's salaries -
10 Nov 1980. $20,888
" 1981 $23,950
" 1985. $34,156
December 1987. $39,105
versus average NZ house price 1980 = $25,500
1987 = $88,900
A teacher in those days could easily afford a house, not so easy today.
https://www.ppta.org.nz/advice-and-i...-2024/showall/
You really are a desperate person. To support your argument, you pick teachers salaries for a period where they have fallen from being well paid to badly paid.
In the period you have picked, teachers have gone from equal starting salary to MPs (for example) to less than 1/3.
As others have pointed out, you’re simply wrong.
To be expected from woke leftist losers like BS - caught out just like when Ardern used to get caught out with her lies and bs, they try to spin and change the narrative away from their initial bullshxt.
They still have not woken up to the reality that the country has wised up to them.
That's a very strange & personal response.
What I'm saying is back in the 80's, houses were far more affordable & within reach of someone like say a teacher than they are today.
That was true in 1980, and was also still true in 1987 even though house prices had risen as I've shown.
How is that 'wrong' ?
Look at the basic salary of a teacher today, versus today's average house price if you don't believe me.