28 Nov 2008

Weekly housing costs up 20% for year

12:27 pm on 28 November 2008

New figures reveal the pain felt by households as interest rates climbed in the past year.

Statistics New Zealand figures show in the year to July weekly housing costs were up 20% on the previous year.

Weekly mortgage costs were mostly to blame, up by 27% in the year, although rents also rose by 7%.

For those paying a mortgage, weekly payments increased by almost a third to $328.

Many people found themselves coming off low fixed rate mortgage deals this year.

However interest rates have begun dropping recently in attempts to fight the global economic crisis.