Should Millennials give up on the housing dream?

Can smashed avocados and lattes make up for the slow death of the Kiwi dream?

House prices are surging around New Zealand - Rotorua's average value is up nearly a third in a year, and median prices in the capital have now passed the $600,000 mark.

Newshub spoke to the younger generation, who spoke of the difficulties they face.

Many have given up on buying in Auckland, but they're still optimistic about owning their own house someday.

"Maybe I hope things will get better in time, but I think there are options for people to buy houses outside of Auckland, or in smaller communities or stuff. So it's not entirely impossible," one said.

The latest QV figures show:

  • house values in the Wellington region soared 21 percent against the same time last year
  • other hotspots are Rotorua, up 28 percent, Queenstown Lakes, up 24 percent and Hastings, up 23 percent
  • house values in Auckland rose 11 percent, while Christchurch was up just over 1 percent.

First home buyer Brittany Hogan is hoping to get into the housing market early, but surging prices are making it harder than she expected. She's 19, and has been saving for a house since she was 15.

"If I was looking outside of Wellington I would be able to put a deposit on a house by now, but unfortunately because of the prices in Wellington it's pushed me back a couple of years."

The Millennials Newshub spoke to were realistic about the challenges they faced.

"I don't think we should give up just yet, but we'll just have to see what it does and we'll definitely have to change a few things," one told Newshub.

The housing crisis is putting pressure on Auckland's young professionals, who face moving away to buy houses - and depriving the city of their skilled services.

"If I want to, it'll probably be in a different city or a different country," a nurse told Newshub.

They agree that the housing market is broken - especially in Auckland - but refuse to let that destroy their dreams.

"Not yet. There's always hope," another said. "Lower your hopes a little bit."

Newshub.

Share to Facebook Share to Twitter Share to Email
Share to Facebook Share to Twitter Share to Viber Share to WhatsApp Share to Email