Coasties might think that mandatory climate-related disclosures would lead to better environmental performance by businesses, but a new study suggests otherwise.This year, New Zealand joined a global movement by requiring its largest companies and financial institutions to include climate risk and opportunity reports in their annual filings.This initiative, overseen by the Financial Markets Authority, aims to enhance transparency about climate-related practices.However, a study co-authored by Professor Charl de Villiers from the University of Auckland's Business School reveals that such mandates may not always translate into improved environmental outcomes.The research examined the impact of the EU’s Directive 2014/95/EU, which, similar to New Zealand's new regulations, requires extensive reporting on environmental and social issues.Despite these requirements, the study found no significant improvement in the environmental and social performance of European companies, nor did they outperform their US counterparts in these areas.“It’s crucial that we don’t assume that simply mandating disclosure will lead to better environmental practices,” de Villiers stated.The study suggests that without detailed guidelines, rigorous auditing, and stringent penalties for non-compliance, such regulatory measures might fall short of their intended impact.As New Zealand’s Financial Markets Authority prepares to adopt a broadly educative approach initially, it may start enforcing stricter measures by 2026 to ensure meaningful progress.

The Auckland property market has shown surprising resilience this winter, despite the typical seasonal slowdown.According to the latest data from the Real Estate Institute of New Zealand (REINZ), the current median Days to Sell has increased to 48 days, which is notably higher than the 10-year average for July, traditionally at 39 days.Inventory levels have also seen a significant rise, with 40 weeks of inventory available in July 2024—19 weeks more than the same time last year.Auckland’s Market at a GlanceThe Auckland region continues to reflect a complex mix of trends.The median price for the region decreased by 4.0% year-on-year to $950,000, indicating a softening market.Auckland City, in particular, experienced a sharp decline, with the median price dropping by 14.6% from June 2024, yet it remains 13.4% higher than in July 2023, settling at $1,068,000.The sales count in Auckland City also saw a modest increase, recording 478 sales—a 3.0% rise year-on-year.Different districts within Auckland have shown varied performance.The Rodney District saw a slight price increase of 0.5% from the previous month, though prices are down 6.9% compared to the same time last year.Meanwhile, sales activity in the Franklin District surged, with a 27.9% increase from June 2024, and Papakura District recorded a 25.0% rise in sales, highlighting the region's diverse market dynamics.Buyer Behavior and Market SentimentREINZ CEO Jen Baird provided insights into the current market sentiment, noting the mixed behavior of buyers and vendors."First home buyers, owner-occupiers, and investors were the most active buyer groups across the region, with Rodney reporting no active buyer group," Baird stated.She also observed that vendor expectations varied, with some reluctant to accept lower prices, while others were willing to meet market demands.Attendance at open homes remained consistent, particularly for new listings, which attracted the highest numbers.The auction clearance rate also held steady, though there was a noticeable decline in lifestyle auctions.Interest rates, a lack of buyer urgency, stringent bank lending criteria, and high stock levels have all influenced the market's mood.However, local agents are cautiously optimistic that the spring season may bring a positive shift, especially if interest rates start to fall, potentially boosting buyer confidence.Looking ForwardWith spring just around the corner, the Auckland property market's performance in the coming months will be under close scrutiny.Local agents are hopeful that the combination of lower interest rates and renewed buyer interest could invigorate the market, setting the stage for a strong close to the year.

Changes are desperately needed, the Automobile Association says.New research shows tightening driver licence requirements could save lives.It shows New Zealand's rules are more relaxed than other countries, and novice drivers are less experienced.The AA says the system desperately needs changing.New research has revealed New Zealand has far more relaxed licence requirements than other countries, and tightening them could save lives.The report, funded by the AA Research Foundation and carried out by Adelaide University's Centre for Automotive Safety Research, detailed a number of improvements that would reduce the risk of crashes, like doubling the learner licence period from six months to a year, and requiring supervised driving hours.Nearly a third of all road deaths in New Zealand are people aged between 18 and 24 years old, and New Zealanders in that age group are nearly three times more likely to die on the roads than young Australians, which was "horrific", said AA road safety spokesperson Dylan Thomsen."I don't think there's any reason at all that our young people should have such a higher rate of road deaths than Australia," Thomsen said."If we can just make some changes that lower our crash rate to Australia's, that would be dozens of families every year in New Zealand that don't have to say farewell to a loved one in their twenties."The government's road safety plan was due out in the next few months, and Thomsen wanted driver licence changes to be part of that.The way young people are being prepared to drive solo desperately needed to be improved, he said."We would love to see a really serious look taken, over the next few years in New Zealand, at how we do driver licensing."The study's lead author, Dr Lisa Wundersitz, was surprised to learn novice drivers in New Zealand were so young and had so little experience.Extending the learner licence period and introducing compulsory supervised driving hours would be particularly effective in keeping them safe, she said."There's good evidence behind that, showing crash reductions in a number of jurisdictions internationally," she said."They're definitely two stand outs New Zealand should consider."The recommended changes included:Extending the learner licence period from six to 12 monthsCompulsory supervised driving hours for learners - most Australian and US states require 50 to 120 hoursA hazard perception test as a prerequisite for moving from a learner to restricted licenceIntroducing a zero blood alcohol limit for learner and restricted drivers, which currently only applies to drivers under 20 years oldTougher penalties for traffic offences - currently, all drivers accumulate the same number of demerit points before losing their licence, but in Australia less experienced drivers have a lower threshold and offences stay on their record for longer

Wholesale prices in the New Zealand electricity market have soared over recent weeks, climbing as high as NZ$1,000 per megawatt hour. North Island pulp and paper plants have temporarily closed down because of the spike in costs.Associate Energy Minister Shane Jones has accused the big energy generators of profiteering, and said the government was investigating ways to force them to cut prices.On top of that, Energy Minister Simeon Brown has announced plans to investigate the feasibility of importing liquid natural gas (LNG) to help increase gas-generated electricity supply and lower prices in the process.This would entail buying or renting a floating LNG terminal and building out complementary infrastructure such as pipelines. That would take a minimum of a year (more likely two or three years) and would be expensive, with imported gas prices considerably higher.A much better option, we suggest, would be to prioritise the expansion of rooftop solar throughout New Zealand. This could not only add significantly to the overall electricity supply, but also help bring down prices.Rooftop solar at scaleThe immediate cause of the crisis is low hydro-lake levels, combined with a long-term reduction in the supply of natural gas. Exacerbating this is the market power wielded by the big electricity generator-retailer companies (“gentailers”), which are set up to profit during times of scarcity.Electricity supplied by gas-fired generation has steadily declined. Since 2015, almost 600 megawatts of gas plant capacity has been decommissioned, with no new additions.The Electricity Authority’s 2023 study, “Ensuring an Orderly Thermal Transition”, found the decline in gas-powered generation will continue. By 2032, this thermal generation is projected to be just 1.4% of total generation, compared to 14% currently.An updated announcement from the Electricity Authority in June this year says Contact Energy’s largest thermal gas unit will retire this year or next. Furthermore, Genesis Energy has announced plans to use biomass to power some of its gas turbines.Existing gas generation will increasingly struggle to compete on price with new wind and solar renewables, which are getting cheaper all the time.Grid-scale renewable electricity supply is expanding gradually. By 2025, there are expected to be 270 megawatts of new geothermal, 786 megawatts of additional solar, and 40 megawatts of new wind power. The combined total would add almost 10% to the country’s yearly electricity production.To alleviate the energy supply shortfalls primarily attributable to low rainfall, we suggest rapidly expanding cheap solar photovoltaics (PV), specifically rooftop solar for ordinary households. Our soon-to-be-published research suggests such capacity can be expanded quickly and cheaply.Based on the Australian experience, we estimate modest subsidies for the capital cost of installing solar rooftop systems would add the equivalent of 700 megawatts a year (2% of the total) to the electricity supply. This significant new supply will reduce electricity prices.The Clyde Dam: hydro power could become a source of stored energy for evening demand peaks.NZ’s energy advantageNew Zealand is in the enviable position of already having abundant hydro power capacity. But with increasingly uncertain rainfall due to changing climate patterns, adding widely distributed rooftop solar would mean the country was less vulnerable to lower lake levels.This would mean the precious water flowing into the hydro lakes could be held back in the dams to meet evening peaks when solar is no longer available.Other countries – most notably Australia, Italy, Germany, Spain and Portugal – have made much more progress than New Zealand in the expansion of photovoltaics. The European Commission has adopted policies to double rooftop solar over the next four years.Australia’s energy market operator expects rooftop solar (which already supplies almost three times as much electricity annually as gas generators do) will become the dominant source of electricity supply over the next two decades.None of those countries have the energy storage advantage New Zealand has. And they are all now having to develop expensive grid-scale battery solutions to store solar power produced in the middle of the day for evening use.New Zealand’s huge hydro storage advantage means photovoltaics, particularly rooftop systems, can unlock real benefits for customers.This could mean shifting the management of the legacy hydro assets to provide a high-value product – stored energy – rather than the gentailers simply using hydro generation to maximise profits.There may even be an argument for revisiting the current market framework and returning those hydro assets to public ownership.In the meantime, we encourage the energy minister to make the expansion of rooftop solar the top option for expanding the electricity supply and tackling the gentailer power that bedevils the market. He will almost certainly find it quicker, cheaper and more popular than importing gas.Authors:Stephen PolettiAssociate Professor Energy Economics - University of AucklandBruce MountainProfessor and Director, Victoria Energy Policy Centre - Victoria UniversityGeoff BertramVisiting Scholar, School of History, Philosophy, Political Science and International Relations - Victoria University of Wellington

Locals are set to benefit from a more competitive banking sector, as the Government vows to act on all 14 recommendations from the Commerce Commission's report.Finance Minister Nicola Willis says the current market is uncompetitive, with Kiwis facing higher prices and poorer service.The report criticises the "cosy pillow fight" between the big four banks, prioritising profit margins over customers.The Government plans to inject competition by supporting Kiwibank's growth and exploring options for raising new capital.Treasury will engage with Kiwibank's parent company to discuss proposals, including investment from KiwiSaver funds.Additionally, the Reserve Bank will be tasked with emphasising competition in its policies and actions.Commerce and Consumer Affairs Minister Andrew Bayly highlights the Government's swift action, scrapping overly prescriptive regulations and implementing "open banking."This move aims to promote disruptive competition, making it easier for Kiwis to find tailored services and innovative start-ups to challenge established banks.

Theft and burglary are down in central Auckland, dropping by 34 percent year on year, Auckland Council says.The council has endorsed a safety plan for the CBD, which include increased patrols by compliance officers, CCTV, and investment in community outreach providers and programmes - much of which was already funded and underway.Mayor Wayne Brown said crime was no longer increasing in the city centre."This has been the main point of interest of late between Minister [Mark] Mitchell and I," he said."I don't believe local government has ever worked this closely with businesses, police, and central government before."He said the newly endorsed City Centre Community Safety Action Plan was a must to see the downward trend in crime continue.Auckland Council regulatory and safety committee chairperson Josephine Bartley said they had worked with multiple agencies on the plan."Safety isn't something that any one organisation can own alone, but the council has listened to feedback from the community and is taking it seriously," she said."By working with partner agencies like police, outreach providers, and resident and business groups on this plan and its initiatives, we've been able to focus our collective efforts on actions that are already making a real difference."However, a building manager downtown, believed the drop in crime was due to a lack of reporting.Robert Macfarlane, who manages a residential apartment building on Queen Street, questioned the numbers."I feel that a lot of people are not reporting crime, on the basis that they are of the belief that police won't attend," he said."People say to me they don't know who to call, or they don't think to call in the first place, and then if they do call they might not know who to call because it's not clear."Macfarlane said there needed to be clearer communication with police around how to report crime, given there were now multiple agencies out on the street keeping city-goers safe."I think there needs to be clearer comms around those numbers, in what situations you should use various numbers, so that it's clear to the public so they know," he said.Macfarlane stressed the importance of reporting crimes even if police do not attend the situation."It still needs to be reported, because I think that if stuff goes unreported then you get an incorrect reflection in the figures and the statistics that are coming through."He said he had spoken with council about the progress being made, but said more still needed to be done.Macfarlane said a brick and mortar police presence in the city would make a difference.

Frequenting the main bus station on the Coast is a normal routine. Young people and adults alike find themselves in the early morning making their commute. I was fortunate to grab some thoughts from various station users during this time. Passengers particularly expressed qualms regarding the station’s ease of accessibility. During peak hours, the two toilets at the station often become overloaded. Lines of passengers pile back, stretching towards buses departing South. Additionally, the presence of only a single AT hop card top-up machine has been a cause of irritation for passengers. Directions outside the waiting area point commuters to make their way back to the Four Square or the PaknSave to purchase their Hop Cards. No option is yet available for passengers to purchase a hop card on-site. Commuters are interested in expanding toilets to cater more to peak hours of usage and bringing the option to purchase hop cards into the station. To gain a better idea of the situation and the accessibility of the station, I sought input from on-duty security. Having been on the station since March, they would have a strong idea of its daily occurrences. Unfortunately, the security guard on duty declined to provide a media statement. 

Coasties are being urged to stay vigilant as the investigation into methamphetamine-laced ‘lollies’ continues. Operation Tirade, the ongoing police investigation, has now recovered 44 of these blocks, which were disguised as Rinda-branded confectionery.According to Detective Inspector Glenn Baldwin, approximately 75 of these meth ‘lollies’ have been accounted for so far. “While we have 44 of the blocks in our custody, we are still working through a raft of information provided by families that they also received some of these lollies,” he said.Two additional investigators have joined the operation to assist in processing the incoming information. In some cases, families have already disposed of the lollies after hearing about the issue last week. The police are continuing their efforts to secure further methamphetamine blocks as part of their enquiries.Police obtained CCTV footage from the Auckland City Mission centre on Boston Road, which will be analysed over the coming days. “This part of the enquiry involves detailed work and will take some time to work through,” Baldwin added.As the investigation deepens, police are reiterating their warning: dealing methamphetamine is a serious offence. Coasties who find one of these Rinda-branded items are urged to contact authorities immediately.

When Coasties visit the CBD, they'll find a safer environment, thanks to Auckland Council’s Regulatory and Safety Committee approving a comprehensive safety plan. The plan is supported by $4 million in funding from the City Centre Targeted Rate and will be rolled out over the next two financial years.This development follows recent Police data (April - June 2024), which shows a 34 per cent drop in theft and burglary incidents compared to the same period in 2023. This marks a significant reduction, nearly halving crime rates since their peak in January 2023.Cr Josephine Bartley, Chair of the Regulatory and Safety Committee, praised the collaborative effort behind the City Centre Community Safety Action Plan. “Safety isn’t something that any one organisation can own alone, but the council has listened to feedback from the community and is taking it seriously,” Bartley said. “By working with partner agencies like Police, outreach providers, and resident and business groups, we’ve been able to focus our collective efforts on actions that are already making a real difference.”The plan includes several ongoing initiatives such as increased patrols by compliance wardens and officers, enhanced CCTV operations, and investment in community outreach programmes. Mayor Brown stressed the importance of maintaining these efforts to continue the positive trend. “We are working on a solid common ground approach with multiple agencies to formalise our path forward,” he said.Simon Oddie, Priority Location Director - City Centre at Eke Panuku, highlighted the importance of safety improvements for the future of the city. “We’ve thankfully turned a corner on safety in the city centre recently,” he noted, inviting residents to explore the revitalised area.The plan also focuses on improving social and wellbeing outcomes for rough sleepers and vulnerable communities, with 36 individuals assisted into accommodation this year through referrals to social housing agencies.

New Zealand's population growth has slowed significantly, according to Statistics New Zealand's latest estimates. As of June 30, 2024, the country's population provisionally stands at 5,338,500, with a growth rate of just 0.1% in the last quarter.Coasties will be interested to know that the population growth rate has decreased, with only 7,000 new residents added in the quarter ended June 2024. This slowdown is largely due to a decrease in net migration, which accounted for only 28% of total growth, compared to 78% in the previous year.The estimated natural increase, or births minus deaths, was 5,100, making up 72% of the total growth. The median age of females and males remains at 39.0 and 37.2 years, respectively.While the population growth rate has slowed, New Zealand's population still grew by 93,500 (1.8%) in the year ended June 2024. 

Despite the recent heavy rain, Auckland's dam levels remain at 78.4% capacity as of Monday, 19 August. This figure is based on the combined total of Auckland's ten key water storage lakes located in the Hūnua and Waitākere Ranges.Waitākere Ranges:Waitākere Dam: 100% fullUpper Nihotupu Dam: 98.74% fullUpper Huia Dam: 87.94% fullLower Nihotupu Dam: 100% fullLower Huia Dam: 100% fullHūnua Ranges:Cosseys Dam: 74.07% fullWairoa Dam: 73.24% fullUpper Mangatawhiri Dam: 88.86% fullMangatangi Dam: 67.57% fullHays Creek Dam: 100% fullWatercare, which manages these 12 supply lakes, highlights their importance in providing approximately 80% of Auckland's water. These lakes, capable of storing up to 95.5 million cubic metres, benefit from their high elevation, allowing gravity to facilitate efficient water flow to the city. The Waitākere and Hūnua ranges receive around 1.8 metres of rain annually, significantly more than the central Auckland area.Historically, the construction of these dams has evolved, with earlier models in the Waitākere Ranges made from concrete and later versions constructed from earth and rock following World War II. The Mangatangi Dam, completed in 1977, is the most recent addition to this vital infrastructure. That was 47 years ago!

Hundreds of people in Auckland are currently without power due to an outage affecting several suburbs in the West and North West of the city, including Coatesville, Dairy Flat, Huia, Parau, and Laingholm. According to Vector the disruption has been caused by vegetation and debris on power lines. The company estimates that power will be restored to all affected properties between 12:30 pm and 1:30 pm today. In some cases, Vector may be able to re-route electricity from another direction, potentially restoring power to certain properties before the estimated time.

I had the pleasure of speaking with Betsy Kettle of Hibiscus Coast Zero Waste (HCZW) recently about her organisation's work in the community. While sharing her organisation's story, she discussed how her work developed.In 2013, she came to learn of something called ‘Terra Prata’, or ‘Amazonian Dark Earth’. Terra Prata is believed to be a combination of organic waste and biochar (a form of charcoal). She says this was a revolutionary discovery, comparing it to Roman concrete.“Terra Prata has to be grown… the value of the soil lies in that it’s alive.”The entire process is holistic, and each part can’t be excluded. “The people that used to make it are all gone, yet the soil remains.”“If you’re a soil scientist, you’ll know how unusual this is because the plants usually take up all the nutrients… and [over time] it disappears.” If research could be used to figure out how to create Terra Prata, it would solve many problems the world faces.Not only would this reduce the damage to the climate, but many constraints to agriculture and food production would be resolved. Since learning of Terra Prata, Betsy has moved to incorporate it into the content Hibiscus Coast Zero Waste teaches within the community. “The intermediate schools are researching for us, particularly Murrays Bay intermediate… They’ve built carbon-sinking bins and a tracking system… to monitor changes in the soil.”HCZW serves to educate students and involve them actively in the process of climate-friendly living. 

The whitebaiting season kicks off on September 1, some Coasties will be buzzing with excitement. As this beloved Kiwi pastime nears, the Department of Conservation (DOC) urges whitebaiters to stay safe, follow the rules, and protect the freshwater habitat.DOC Freshwater Species Manager Emily Funnell says, "We want everyone to enjoy whitebaiting while minimising risks and preserving the fishery for future generations." She highlights the importance of safety measures like wearing life jackets, carrying communication devices, and fishing with a mate.Whitebaiting rules are available on the DOC website, and whitebaiters must also follow Biosecurity New Zealand's Check, Clean, Dry advice to prevent invasive species spread. With four whitebait species threatened or at risk of extinction, responsible whitebaiting practices are crucial.To help preserve whitebait populations, the DOC suggests:Following fishing regulationsKeeping catches smallFencing off waterways to prevent farm animal accessReplanting streams with native vegetationReporting fish passage barriers to local authoritiesFun for Kids Explore the Whitebait Activity Sheet and Activity Book By prioritising safety, conservation, and responsible fishing practices, we can help preserve whitebait populations and this iconic Kiwi activity for generations to come.

Across New Zealand, the housing market is experiencing a notable shift, with property prices reaching their lowest levels in three years, as reported in the latest Trade Me Property Price Index. The national average asking price fell by 1.1 per cent in July, bringing the figure to $824,900—the lowest since 2021.Gavin Lloyd, Trade Me Property Customer Director, highlighted the significance of this trend, remarking that prices haven’t been this low since the aftermath of the pandemic's initial impact. “Over the past two years, nearly $150,000 has been shaved off the average house price,” Lloyd said, suggesting that this decrease, combined with recent cuts in interest rates, might create a favourable environment for potential buyers.The price decline, however, isn't consistent across the country. While many regions in the North Island saw drops, Gisborne bucked the trend with an 8.6 per cent increase, making it the second most affordable region in the island. In contrast, most regions in the South Island experienced price hikes, with the West Coast recording a 14.8 per cent surge.Market activity is also on the rise, with property listings increasing by 29 per cent and listing views up 14 per cent year-on-year. However, homes are taking longer to sell, with the median days on site extending to 75 in July.

The $830 million Penlink highway, still under construction, continues to frustrate the community. A separate proposal to end the Gulf Harbour Community’s ferry service has left locals uncertain of the Council’s decisions. In 2023, AT put forward a proposal to stop the service upon completion of Penlink. The community moved together, gathering over 1350 submissions made to AT and presented to Auckland Council against this proposal.  Anna Thorburn, the admin of the Gulf Habour Facebook page, shared the good news. “AT announced full reinstatement of the Gulf Harbour Ferry Service on September 9, 2024. That’s a huge win, and we need to get the word out across the coast for everyone to use the service — if we don’t use it, we will lose it!”Thorburn reinforces that the outcomes of the incoming Whangapāroa Transport Study will inform the feasibility of this transport option.AT has said the final decision on the ferry will be made based on the data received from consideration of various long-term public transport options for the Whangapāroa Peninsula. The proposal to remove the ferry has since been removed, pending the completion of the Whangapāroa Transport Study.

Coasties should be aware that The Little Bone Broth Company is recalling all batches and dates of its popular bone broths due to incomplete information on its food process controls. The recall affects a range of products, including Premium Free Range Chicken Broth, Premium Grass Fed Beef Broth, and Premium Free Range Chicken Green Thai Curry Broth, all in 500ml packaging.The Little Bone Broth brand Premium Free Range Chicken Broth (500ml)The Little Bone Broth brand Premium Grass Fed Beef Broth (500ml)The Little Bone Broth brand Premium Free Range Chicken Green Thai Curry Broth (500ml)New Zealand Food Safety (NZFS) deputy director-general Vincent Arbuckle stated, "The concern with these broths is that the company has produced them without having complete information on its food process controls. This means there is incomplete evidence of food safety hazards being correctly managed."Although no related illnesses have been reported, the NZFS is taking a precautionary approach. Arbuckle emphasised, "Broth produced without the necessary food safety measures could make people sick."Locals who have purchased these broths are advised not to consume them. The products can be returned to the place of purchase for a refund, or, if that is not possible, they should be discarded. The broths were available at selected supermarkets and retailers throughout New Zealand but have now been removed from shelves and have not been exported.For those concerned about their health after consuming these products, it is recommended to contact a health professional or call Healthline on 0800 61 11 16 for free advice. NZFS will work with The Little Bone Broth Company to ensure that this issue does not happen again.

Coasties will soon see an upgrade in Auckland’s flood management system, thanks to an innovative initiative by Auckland Council. The council is expanding its AI-driven hotspot cameras across the city, enhancing stormwater management as part of the $760 million Making Space for Water (MSFW) programme.The expansion follows a successful 2022 trial where seven solar-powered cameras were used to monitor stormwater sites, automatically alerting contractors to issues. Now, 50 cameras will be strategically installed across Auckland by the end of 2024, targeting areas like Mangere, which suffered severe flooding in the 2023 storms.“This technology is a game-changer, enabling quicker interventions and proactive maintenance,” says Councillor Richard Hills, Chair of the Planning, Environment and Parks Committee.The cameras, which run on solar power, align with Auckland’s sustainability goals by reducing the carbon footprint while ensuring continuous operation. Recognised with a Water NZ award in 2023, this initiative not only improves flood readiness but also integrates advanced AI technology for faster responses and enhanced predictive capabilities.Over the next two years, Aucklanders can expect more effective flood management, reducing the risk of damage from extreme weather events. The council’s commitment to innovation underscores its focus on making the city safer and more resilient against climate change impacts.

Buyers may look back on 2024 as a good time to have got into the property market, Corelogic says, despite the challenges.The property research firm has released its latest affordability report, which shows that some affordability measures have improved, but are still stretched compared to long-run averages.Median New Zealand property values are now 7.7 times the gross annual median household income, the lowest level since early 2020.It used to be said that a measure of three times would be considered affordable, but Corelogic chief property economist Kelvin Davidson said that was probably outdated, given the structural shift lower in interest rates over the past decade.He said the long-term average was 6.8 for the period since 2004.Tauranga was the least affordable main centre, with a value-to-income ratio of nine.The time required to save a deposit measure, based on median property values and household incomes, was 10.2 in the second quarter of this year, down from 13.6 in the fourth quarter of 2021.The average is 9.1."While some measures have improved, they remain worse than historical averages. And the problems really arise when it comes to actually servicing debt. Mortgage payments as a percentage of median household income remain at 54 percent, close to the peak of 56 percent to 57 percent, and well above the average of 43 percent," Davidson said.He said it was concerning that households who had recently purchased a property were paying more than half their income on a mortgage, because that could mean there was little money left over for emergencies."For nearly three years, the share of income needed for mortgage payments has remained in the 53 percent to 57 percent range, highlighting the prolonged period of elevated repayment burdens on households," he said."To put this in perspective, during the previous peak in 2007 to 2008, mortgage payments only reached 50 percent or more of income for six quarters. The current phase of strained mortgage affordability has lasted much longer, possibly placing many more New Zealand households under considerable financial stress," he said."One silver lining has been the sustained high employment and rising wages, which have helped people manage during this period."He said many affordability measures would seem abstract to people who were facing up to the realities of the property market.What would matter would be what people could feel - such as how long it would take to save a deposit, and the amount of rent people would have to pay while they did so.Rents took up 28 percent of gross household income across New Zealand, Corelogic said, surpassing the long-term average of 26 percent and remaining near record highs."The rent-to-income ratio has stayed persistently high, creating financial pressure for many renters, particularly those with incomes below the median. These households are likely to feel the strain even more acutely than the average figure suggests," Davidson said."Those are the ones that really matter," he said. "People are forking out real cash."He said mortgage rates coming down might help improve affordability, but income growth slowing would not and prices could rise when interest rates fell."It's hard to know how the measures evolve, there are lots of moving parts in there. What we need over the long run is for supply to rise in absolute terms and relative to demand to create more favourable ratios."He said while things were tough, first-home buyers tended to find a way."It's never been easy, there are always different challenges. It might be easier now to be a first-home buyer but that doesn't mean it's easy and it may not necessarily get easy. But people always tend to find a way."He said things such as the government moves to increase supply and the new debt-to-income restrictions should limit house price growth compared to incomes in future.He said, in retrospect, people would probably think 2024 was a good time to have bought a house."Mortgage rates are a challenge but you've managed to buy 16 percent below the previous peak. Yes, cashflow might be an issue for a couple of years but now we are starting to see mortgage rates coming down which will tend to push house prices up, even if that's slower than that we've seen historically."You've also bought at a time where there is lots of choice. You might potentially have a better house than you might otherwise have got."