Read this article. This is absolutely ridiculous. With interest rates at more than 8% people it takes 73.5% of average take home pay to pay for an average priced home. And the 73.5% is an average for new Zealand.

The least affordable regions are currently (February 2007):
- Central Otago Lakes 104.4% of take-home pay
- Auckland 92.0%
- Northland 78.3%

http://interest.co.nz/HLA/HLA-NZ-March2007.asp

This must be near the end for New Zealand in the property bubble.