Auckland needs 30,000 homes to meet current demand – with this shortage comes increasing competition for any property on the market for sale. Buyers borrow as much as they can as they prepare to pay more to secure the home or rental property they need.
In reality the home building has been left too late in Auckland. It will be some time before the current housing requirements are met with more homes – and all the while demand keeps increasing as thousands of Kiwis return home from overseas and NZ residents up sticks and move to Auckland for work.
All the while the rest of the country wonders when is the economic and property boom coming to us?
Financial commentators are keen to let us know just how unfair or lopsided the property market is – and how all home buyers are having to suffer the same even though their region’s property market is starkly different from the Auckland market.
The opportunity to buy property is there for anyone really wanting to make it happen. Residing in Auckland doesn’t mean you have to own property in the region you could invest in property elsewhere. Many property investors may be forgiven for being a bit envious of Auckland home owners and what the massive increase in equity can provide.
Bernard Hickey in this article suggests property values in Auckland have gone up 40 percent in three years – wow!
Learn more about property investment from PropertyTutors – New Zealand’s leading mentoring business – download these eBooks: