As the city is identified as the fourth-most expensive metropolis in the world, employers are being warned that they may struggle to attract certain workers.
New Zealand’s most populous city was identified today as the world’s fourth most-expensive metropolis in which to buy a house – joint with Melbourne and San Jose, Auckland housing now costs 9.7 times the median income
The city has shot up from 9th place last year – when housing cost 8.2 times the median income.
"It's a disaster for New Zealand,” said Kim Campbell, chief executive of the Employers and Manufacturers Association. “It's a really serious matter, there's a risk that we won't have enough of these people in Auckland.”
Campbell said the city would not only struggle to attain current residents but also deter potential new workers.
"Many people in those jobs have been living here all their lives but eventually there will be an issue about whether these people can afford to live here," he told the New Zealand Herald.
"Employers already pay more for people in Auckland,” he continued. “The high cost of Auckland housing makes it very hard to get people to move and when they do come they ask for more money.”
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