- Owning your own home may be the Kiwi dream but some North Shore homeowners are “drowning in debt” without hope of being mortgage-free.
New data from credit information website CreditSimple.co.nz showed North Shore homeowners under 55 had an average debt of $542,600: the highest debt in the country.
The information also showed Shore homeowners over 55 still owed an average $381,500. This was the second-highest debt in the country, just behind central Auckland’s older homeowners with an average mortgage of $393,200.
Brian Pethybridge, the manager of North Shore Budget Service, was not surprised by the figures.
* ‘Don’t panic’ as house prices fall on Auckland’s North Shore
* PM says demand strong in Auckland’s North Shore, despite property dip
* Auckland’s North Shore sizzling hot for real estate prices
* The baby or the house: Auckland house prices force couples to choose
READ MORE OF THIS ARTICLE VIA STUFF