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Wednesday, September 7, 2016

Why Auckland is the hottest property market in the world

What is happening in Auckland?

It’s the hottest housing market in the world according to a new survey and although prime minister John Key has repeatedly declined to use the term, most New Zealanders agree Auckland is facing a housing crisis. A third of New Zealanders – nearly 1.4 million people – now live in the “city of sails”.
Ten years ago the average house price was NZ$500,000 (£277,000) – this week it peaked at NZ$1m – and for that cash you won’t be getting water views and a marble kitchen. Instead you’ll be able to purchase an un-renovated three-bedroom ex-state house in the city’s fringe suburbs.
Average rent prices are also over NZ$500 a week, which accounts for 32% of the average household income in Auckland. Home ownership nationwide is at a 60-year-low, with figures, predictably, worst in Auckland.  READ MORE