Shock, horror, houses are unaffordable. Not as unaffordable as Australia but enough to de-gloss the supposed “Kiwi dream”.
This amounts to a newly sharpened division in our society: the have-house category is shrinking and the have-not-house category is growing.
This is no surprise. The income and wealth range (technically measured by the Gini coefficient) has lengthened significantly since the 1980s reforms. The best off have got relatively much better off.