Housing in Central Otago has become more affordable due to plummeting house prices.

Interest.co.nz editor Bernard Hickey says housing is likely to be affordable for most first home buyers by the end of 2009, if current trends continue.

However, high bank deposit requirements of around 20% seem to be having a negative impact on potential house buyers, so the monthly New Zealand housing affordability measure was unchanged in February.

President of the Real Estate Institute of New Zealand, Mike Elford, was unable to be contacted for comment this afternoon.