To put it simply, you’d buy 145,843 Big Macs. That’s a lot of lovin’ it for a Median HomesEstimate of $875k
What’s more astounding is when you compare our patent pending (not really) Bic Mac property index to other cities.
Auckland is Higher on the Big Mac Property Index Than New York.
So a Big Mac bought in the US is about $6.80 NZD. The median average price of New York dwellings is $792,315 NZD
That buys you 116,448 Big Macs. 20% Less Big Macs than Auckland.
Ok, But Melbourne Is A Bit Closer
A Big Mac in Melbourne costs $5.80 NZD. Their property median is $587,500 NZD
That buys you 104,950 Big Macs. 28% Less lovin’ it than Auckland.
How About Sydney? I Hear They Have A Hot Property Market.
Well their Big Mac’s cost $5.80 NZD. Their property median is $808,860 NZD
That buys you 139,339 Big Macs. 4% Less burgers than Auckland
NZ, in particular, Auckland, is the most unaffordable place to buy a house in the world
So why the Big Mac Index? Well, it’s a lighthearted guide as to whether global currencies are at a correct level using Purchasing Power Parity. In short, exchange rates should eventually adjust to make the price of identical goods the same, a Big Mac in this case.
This article was originally featured on interest.co.nz by Greg Ninness
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