how the housing crisis is creating two New Zealands ...
Even high-income millennials now struggle to save for a deposit.
The next generation will be increasingly divided into those can leverage intergenerational wealth to buy a home, and those who cannot
by Tess McClure. Photographs by Cody Ellingham
Returning home to a country he couldn’t afford to secure a home in, New Zealand photographer Cody Ellingham began to roam suburban streets at night with his camera.
In a new series of photographs, he reflects the unease and discomfort of a generation locked out of one of the world’s most unaffordable housing markets.
Earlier this month, property data analytics companies said the average national house price was hitting between NZ$937,000 and $1m, nearly eight times the annual household income. Real Estate Institute data shows there was a 31% increase over the year to July.
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