“Small, one–bedroom apartments are selling for $800,000 and delapidated wrecks in barely desirable suburbs are fetching more than $1m. Expensive land, and restrictions on building new and denser housing, has seen limited new stock come on the market. And a strong economy, record net migration, especially to Auckland, and banks happy to lend money in a market with significant capital gains, has seen people paying over the top of each other. The savage competition in the market has also been blamed for growing xenophobic and anti–Asian attitudes. About 8% of the Auckland market are identifiable cash buyers and likely to be foreigners, while investors are 45%.”
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